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— Michael Pettis (@michaelxpettis) May 6, 2024
I knew the ride-hailing business was tough, but not this tough: "Transportation authorities in Shenzhen and Chongqing are the latest ones to have issued warnings about the saturation and fierce competition in the local ride-hailing industries."https://t.co/jTvdCvEj2y
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— Michael Pettis (@michaelxpettis) May 6, 2024
For all the excitement among policymakers about the promise of high tech, what really matters are work opportunities and productivity improvements among ride-hailers, delivery boys, factory girls, waiters, shop clerks, security guards, construction workers and so on.
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weehingthong 