Economy
Could This Be a Second Cultural Revolution? New Economy Saturday – Bloomberg
It’s no coincidence that an edict barring kids in China from playing online video games for most of the week came as the education ministry introduced a new subject to the national curriculum: Xi Jinping Thought.
As the academic year gets underway, students from primary schools through colleges and university are immersed in lessons from “Grandpa Xi.” The message could hardly be clearer: the Chinese Party-state wants to mold young minds with correct ideology, not distract them with online fantasies. To underscore that point, authorities are cracking down on “fan culture.” All mention of Zhao Wei, a billionaire actress, has been scrubbed from the internet.
Is this a new Cultural Revolution?
What began as a regulatory takedown of Jack Ma, the flamboyant Alibaba co-founder, quickly grew to an assault on tech platforms–including those, like Tencent, that offer online gaming.
Now, as the campaign picks up speed, it’s adopting some of the iconography of the Maoist era. Along with the cult of personality, the effort is building a militant commitment to “struggle” against domestic and foreign enemies along with a “rectification” campaign to instill socialist values and combat decadence.
Authorities are also challenging the extravagant pay common in the entertainment world. And in a more sinister vein, they’ve called for a boycott of what the government has described as effeminate male celebrities.
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Economy
Fed has low odds of achieving a soft landing because the economy is still too strong to entirely cool inflation, former central bank officials say – Fortune
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Economy
Germany went from envy of the world to the worst-performing major developed economy. What happened? – Euronews
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