‘Irrational expansion of capital’ behind China’s fan culture and tech monopolies, says Beijing expert
- The ‘people-centred approach’ would be lost if China allowed overexpanded capital to influence the growth of economy and society, says government researcher
- Remarks published on anti-corruption watchdog website coincide with crackdown on tech giants, celebrities and Xi’s pledge to step up antitrust regulation
“The ‘fan culture’ is the capital using its power to create a consumption culture, and to manipulate youth spending habits and influence public culture,” said Jiang Yu, a researcher with the macro economy department of the Development Research Centre of the State Council, affiliated with the central government.
Jiang added that the “irrational expansion of capital” has also resulted in other chaos, including the monopoly by tech giants and after-school education firms, calling them “much-hated” phenomena.
“Once the overexpansion of capital exerts a heavy influence on the overall development of economy and society, it would force [China’s] development off the path of ‘the people-centred approach’.”
Jiang’s position, a government researcher affiliated with the State Council, is not a powerful job in itself. But his remarks touching on a wide range of sectors were made as the Chinese authorities stepped up regulatory moves on multiple fronts.