If you guys are following some of the Taiwan political shows, you will know things are not so simple. All these crackdown started after Jack Ma disses bank industry regulators at one of the global finance forum in China. A couple of reasons on the crackdown not discussed here:

1. Most of the China Big Tech has investors or nurtured via Jiang era, Xi takes this opportunity to purge those Red 2nd Generation who have vast investments in these companies. These companies are not loyal to Xi.
2. Xi saw what big tech did to Donald Trump. Maybe spooked by it. Big tech has huge digital influence and Jack Ma even owns South China newspaper... Of course must whack.
3. FinTech is becoming too big to fail. Hence too much power. Too many joeblows in the street borrow money from it, and these fintech in turn borrow from banks. Acting like middlemen, so huge systematic risk.

Truth be told I am not optimistic of China's future if the tension with US goes on. Joe Biden is supposed to be Obama 2.0. I hope it is really Obama 2.0 because I have huge amount of money invested in Unit Trusts for China and Asia funds... Now is already going into negative... Either way it will either go badly or things change in the near future. But long term unless end of world coming, with inflation etc I still have faith in US/China economy over Malaysia.

FYI my US portfolio is down over 20k usd now in just 1 week! Thinking of 3rd time averaging down if things get worse... This year seems to be a red red year for me.

What tittle?