People’s Daily, a state-run newspaper in China, recently published a guide to the blockchain. It is aimed at helping the Communist Party officials understand the technology and how they can be applied to different industries. The decentralized technology is different from the rigid, top-down hierarchy the officials are used to, and they are finding a way to work with the blockchain technology. Following the crackdown of the cryptocurrency, ICOs and bitcoin mining, the People’s Bank of China, backed by the government, is developing its own digital currency and may become one of the first central banks to issue cryptocurrency. Read more.
Y Combinator is the latest Silicon Valley big name to enter the China market. Moving into China is the startup accelerator’s first International expansion, and it has appointed Qi Lu, a veteran of Baidu and Microsoft and also a well-known figure in the China technology industry, as its CEO for the China division. Y Combinator will begin selecting startups in October to attend its three-month boot camp starting in January. Read more.
China seems to be a tough market for western Internet companies. Google pulled its search engine out of Mainland China in 2010; Uber China was acquired by the local cab hailing company Didi in 2016; eBay China is nowhere near its biggest China competitor, Taobao. A recent Harvard Business Review article looked at why western Internet companies have failed in China in the past few years. After interviewing more than 200 business executive, the author came to a conclusion that the lack of strategic determination and patience by western digital firms and failure by Western digital firms to acclimate to China’s business environment are the two main causes. Read more.
Monster Hunter: World players in China are disappointed as the government pulled its license days after it launched on WeGame platform owned by Tencent. According to the article on Polygon, the Chinese government regularly requires games to be modified for its citizens. However, it seems that the halt of the game was less about its content but “could be the result of bureaucratic infighting as a new media regulator ‘has led to a months-long freeze on the approvals of new mobile games in China.’” Read more.