Political developments in China have been front page news in the financial press over the past few months, and are again today. To recap, Beijing's initial crackdown on Ant Financial, of course dismissed by Wall Street, then spread to China's version of Uber, Didi, and then on to the broader sectors these firms championed, fin- and transport-tech. Then it grew to encompass whole swathes of the economy, from tech to health to education to property to food delivery to gaming, which Wall Street could not so easily ignore.  

In terms of tech, there are now sharp limits on IPOs in the US (mirrored from the US side) and new algo/pricing and data regulations that require Beijing to hold on to it; the private tuition field has been made non-profit; there has been a sharp reduction in credit to property developers along with the official message that "houses are for living in, not speculation."; and yesterday under-18s were limited to only 3 hours of computer-gaming a week in allotted weekend evening slots, sending the share price of related firms tumbling.

Beijing has also called for curbs on "excessive" income, and for the wealthy and profitable firms "to give back more to society" --and Tencent has already pledged $15bn-- matched by: a social campaign against excessive business drinking, "unpatriotic" karaoke songs, and celebrity/idol culture; 'Xi Jinping Thought' being made obligatory at all schools and universities; growing censorship which, as Bloomberg puts it, means "China to Cleanse Online Content that 'Bad Mouths' its Economy"; and today China cracked down on private equity funds, saying it will stop public offerings disguised as private equity, weeks after stopping PE from investing in residential property.