Chinese tech founders (and their investors) were astonished to discover that Xi Jinping could erase a trillion dollars from corporate valuations over the course of just a few months. The leadership thought it was straightforward to reorient the nation's tech priorities away from consumer platforms and toward science-based industries, like semiconductors and aviation, that serve the nation's strategic needs. Beijing took years to appreciate how its actions had scared the daylights out of entrepreneurs and investors.
— Breakneck by Dan Wang
— Breakneck by Dan Wang