Chinese regulators have ordered online platforms to ensure food delivery riders earn above the country’s minimum wage, that riders be freed from unreasonable demands placed upon them by algorithms, and that these workers have access to social security and a place in a union, in a likely financial blow to big delivery services companies such as Meituan.
The new proposed regulation to require all tutoring companies be non-profit that kill off a billionaire (losing 15 billion $) overnight and now this, hope China can keep this up :xi-clap:.
One of the most telling things about capitalism is the fact that corporations predictably become less valuable when they are forced to treat their workers better. Imagine what would have happened to Nestle's stock if the Supreme Court had decided that using slaves in other countries is bad.
Fucking finally :party-blob: :party-sicko: :party-cat:
If they also fine the polluting fuckers I’ll become China stan
I remember an article a few months back talking about how a party official went under cover doing delivery driving and came out saying this is bad. I'm wondering if this came from that.
Maybe they are finally going to show their strength and stop biding their time.
The US has been waging a campaign to try and foster capital flight from China for a while now, only recently intensifying severely over the past 2 years. The economic worry of capital flight, especially post covid, are probably very real even today in China. It is interesting that theyve been able to take such big steps without seemingly worried about foreign investment though. Not great for my china stocks it seems lol, but im happy they're taking these steps
The capital flight we are considering here is mostly Wall Street shit that will never materialize into anything meaningful. I mean if a big hedge fund or investor sells his Xpeng stock to buy Tesla it doesn't mean Tesla will magicaly become a better/more profitable company. It means the stock will go up, Elon will get richer and maybe he'll use that extra money for another scheme.
The problem here is already well understood in terms of Marxist economics and is ultimately about the fall of profitability. Western companies if given the opportunity will just use the extra investment to buy back their shares, they can't do anything else because nothing else(e.g R&D) is actually profitable if you aren't already a market leader.
Capital flight is not a problem because the end game has nothing to do with who owns the most stocks.
Its not really a matter of who owns the stock, its a matter of the actual capital fueling Chinese development and contributing to economic growth and investment and allowing for the gov to spend money on infrastructure and poverty alleviation and stuff like that. If a Chinese company goes public and raises money from foreign investors, it achieves its goal of intaking capital and funneling it into internal development, regardless of what happens to the stock owners. The stock can delist and go to 0, it wouldnt really matter would it? But the problem of capital flight is persistent still in China, I think you overestimate the internal ability of the Chinese economy to singlehandedly juggle all of the massive projects being undertaken across the country, especially in light of decades of financialization and speculative debt buildup. Also I think theres more capital than just american to think of, and either way, a complete political and economic expropriation by the state would absolutely trigger actual capital flight that comes with actual ramifications for the economic development of the country, which is why I think we dont see as much rattling, especially in light of all these recent attacks on China by the west. Dont underestimate the capability of the US and its allies to fuck over the whole world just to get their way.
It's genuinely really impressive to me that China can step up against a giant like Meituan. Completely unimaginable seeing the US or whatever doing anything remotely similar to Uber even though it's barely a fraction in comparison.
This is good news. This Machine Kills covered an article in Chuang recently about the state of gig delivery platforms in China and it seemed pretty bleak. Glad to see some state intervention on this front.
Yeah, I’ll wait for hot chuang take to see if something dodgy, but still nice :meow-bounce:
