Beijing is summoning executives again, but here's why that's causing less worry than in 2021

So Beijing is calling executives in for a chat again, and the markets are supposed to breathe a sigh of relief because this time it's different — apparently the CCP has discovered the magic word: 'AI'. Trip.com and Meituan bosses are being summoned, but analysts insist it's not a 2021-style crackdown, because now the Party wants private tech to pour money into AI infrastructure. Because nothing says 'trust us, we won't nationalise you' like a sudden interest in your CapEx plans.

It's a beautiful piece of doublespeak: the same government that spent 2021 dismantling Ant Group and banning gaming for kids is now suddenly tech's biggest cheerleader — but only because they need your chips and data centres to build a surveillance state that runs on transformer models. The 'anti-involution' and 'deflation' talking points just add a dash of economic desperation to the mix. So sure, executives might keep their freedom this time, as long as they write big enough cheques.

The real joke? The smart money knows that Chinese AI infrastructure is a state-directed project disguised as a market opportunity. You'll be summoned, you'll invest, and eventually the state will decide it knows best how to run your business. But hey, the S&P didn't tank, so everything's fine. Have another cup of tea, Mr. Liang.