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For the rest of time. Yes. Okay. Good.

This is CBSI on the world. I'm John Baxter visiting with Andrew Collier, my colleague,

who wrote in 2022 China's

Technology War, why Beijing took down its tech giants.

Ideology is the simple answer.

However, it is three years later, and we get to measure how this campaign of 21-22

has worked out for the Chinese people and for the world economy.

Andrew, the People's Bank of China, the PBOC, dominates this scene then and now,

has a lot of brick-and-mortar representation across the country.

But if I read correctly, e-commerce called then, quaint term now, we just

call it online. E-commerce was a direct threat. Why and how? And what did it do about it?

Well, there's a couple of things going on. The People's Bank of China, it regulates the banks.

There are other people

fighting this fight in Beijing, including the antitrust and anti-monopoly people and the other

bank regulators. But PBOC was definitely on the lead. And their concern, they claim, was

instability. China is very nervous about any sign of any cracks that could cause the collapse

of the Communist Party similar to what happened in Russia. So if you suddenly had a financial

collapse or you had like a big company that went under, that could be dangerous for social

stability. So the PBOC argued that, gee, Jack Ma and Ann Financial and these other online

...