Arguably, China has the world’s only internet companies that can match America’s in ambition and scope. For some time, the communist state has been miles ahead of the United States in substituting paper money with smartphone payments, thus transforming technology giants into cutting-edge linchpins of the consumer economy.
China’s communist leaders have noticed such a degree of influence wielded by technological firms. After all, never in Communist China have private entities like technology giants had such clout over institutions and people’s lives.