A New Kind of Conglomerate: Bigtech in China

China is seeing the rise of a new kind of conglomerate, companies that occupy unprecedented roles in the world’s second largest economy. With business models built around advanced technology and data, and with the advantages of an immense domestic market, a supportive policy environment, and ample capital, these companies are constructing a new corporate model—one with reach into virtually every sector of the economy and state. This includes financial services and digital ID systems, areas that are directly relevant for financial inclusion.

This paper examines the role and reach of Chinese bigtech, with a view toward understanding implications of this new model for China and other markets.