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New moves to factor in social costs
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The Chinese government鈥檚 regulatory action on technology giants over the past year demonstrates its shift to address the social costs of economic development, leaving a massive opportunity for active investors, a fund manager has said.
鈥淔or Western investors sent scurrying for the exits in recent weeks and months because of regulatory actions on the Chinese mainland, the temptation is to view events through the lens of political risk alongside a vacuum of policy foresight,鈥 Ronald Chan, founder of Chartwell Capital, a Hong Kong-based investment management provider, wrote in Singapore鈥檚 Business Times.
The past year has been marked by several regulatory crackdowns and share price corrections for tech giants.
鈥淗owever, investors should be looking through a different lens. What they should be seeing is changes in response to a well-flagged government shift,鈥 Chan said.
What emerged after a period of rapid accumulation and expansion in the technology industry was a 鈥渨inner takes all鈥 approach, which created extremely high barriers to entry and stifled small and mid-sized enterprises, and resulted in jobs being sacrificed and intensified social divisions, he said.
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