This podcast episode discusses the rise and fall of China's tech industry, with a focus on the wave of regulatory crackdowns starting around 2019 that led to a downturn in innovation and entrepreneurship. The conversation explores the shifting sentiment among entrepreneurs, the divergence of the internet between China and the US, and China's efforts to balance self-reliance and the need for foreign expertise. It also examines the evolving landscape of technology innovation in China, with a focus on the growing interest in enterprise-facing companies and areas endorsed by the government. The episode concludes with insights from a technology journalist on the unique challenges and opportunities of covering the tech industry in China.