When it comes to making the rules, corporations don't have as much influence in China as they do in the United States.
Beijing's regulatory crackdown on Chinese tech companies has revealed to American investors fundamental differences in the relationship each country's government has with its corporations.
The U.S. government "often acts as a servant to business interests," while Chinese authorities may want businesses to sacrifice profits in order to meet national development goals, said Gabriel Wildau, senior vice president at consulting firm Teneo. Political risk for Chinese companies has increased significantly, according to Zeren Li, whose doctorate studies at Duke University focused on China's version of the "revolving door" — the practice of people moving back and forth between government and the lobbying industry.
Beijing office towers, including Alibaba's, are illuminated with Chinese characters reading 'blessing to China' to celebrate National Day in October 2020.BEIJING — American investors' shock at an ongoing regulatory crackdown in China points to a fundamental difference between the two countries that many didn't seem to grasp: When it comes to making the rules, corporations don't have as much influence in China as they do in America.
U.S. investors in Chinese companies have been caught off guard this summer by a slew of actions Beijing has taken against homegrown tech companies, including several whose shares trade in the United States. Among the surprises was
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