Yes, this is about Big Data, but Byte Dance is still a private company. It will do what it believes best, and it will need to live with the consequences of its choice. The worst thing the Chinese government can do is to intervene to save private companies like Washington does with Wall Street.
My argument is this: Tiktok is inconsequential, ByteDance is inconsequential. If it goes belly up, another company will take its place.
Today's executive order and yesterday's clean network is in part designed to slow the internationalization of the Yuan. This is the biggest threat to US. If China rolls out DCEP and foreign merchants can use Chinese fintech platforms, I.e., alipay and wechat pay, to conduct cross-border exchanges then the USD and by extension the US empire is doomed. The timing of these announcements are partly due to trump's reelection and partly because the US is starting to feel the heat, given the recent announcement regarding ant financial IPO and DCEP testings.
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