The authoritarian Chinese government in recent times has resorted to a massive crackdown on all who have resented against any illegitimate or undemocratic repressive actions. Be it peaceful protests against the coercive ‘Zero Covid Policy’ or the country’s technology sector that could have brought waves of egalitarian changes in the most exploitive policies of the country, the Beijing administration has brutally curbed all voices of dissent. Jack Ma the billionaire of China and the founder of e-commerce giant Alibaba also had to face similar wrath from the dictatorial Jinping regime, and was compelled to shift his base to Japan – he is living in central Tokyo for the last six months.
Jack Ma one of the richest business leaders in China was forced to flee the country and shift to neighbouring Japan, amid a massive crackdown on the country’s technology sector, and the most powerful businessmen became an eyesore of the totalitarian government. Ma disappeared from the public cynosure after he castigated the Chinese regulators in 2020 and indicted the state-controlled Banks for pledging their principles and probity in the hands of China’s autocratic rulers. He wishes there could be bold players that could extend China’s credit to collateral poor.
Jack Ma’s Ant group and Alibaba illegitimately penalised by Chinese authorities
Jack Ma’s Ant group and e-commerce giant Alibaba faced a series of regulatory impediments after he criticized the coercive policies of the government. The aftermath of Ma’s criticism was a record fine of USD 2.8 billion on Alibaba allegedly for antitrust abuses. Besides, his USD 37 billion public offerings (IPO) were revoked by Chinese financial regulators.
The Party-cum-state had initiated their long-awaited crackdown on all such big business houses that refused to toe the Party’s repressive policies. The coercive means that led to Jack Ma’s fleeing the country have invariably resulted in instilling fear among all business owners across the country. While continuing with its oppression China has initiated a draconian revision in its trading practices that would render large business platforms like Alibaba and Tancent illegal.
The Chinese Communist Party (CCP) is reportedly purporting to impose a hefty penalty to the tune of USD 1 billion on those degraded Chinese firms making it the most stringent fine to be ever imposed.
Meanwhile, there’s no sign to suggest any significant damage to Xi’s position at the top of the Communist Party.
Protest against ‘Zero Covid Policy’ is the resistance against Xi’s rule
Nevertheless, the recent protest against the ‘Zero Covid Policy’ is the first major show of resistance from the public under Xi’s rule, and the grievances directed against the top of the Chinese government are too loud to be unheard of.
Xi has made zero-COVID a personal political project. With the public now openly opposing the symbols of that policy — such as the strict PCR test requirements and mask regulations — he will no doubt be seen as personally liable for the public anger.
Jack Ma – a modest teacher and billionaire egomaniac
Jack Ma is a personality which is always detested by the powerful Communist Party of China including Jinping. Ma has risen from an ordinary teacher to the wealthiest Chinese. The founder of Alibaba is a combination of two contradictory ideas – a modest teacher and billionaire egomaniac — have existed in uncomfortable tension for two decades, ever since Alibaba’s earliest beginnings in an Hangzhou apartment. In the decades since Ma and a handful of other tech billionaires have managed to carve a space inside China’s statist, communist system for their foreign-listed, avowedly private companies, whose valuations have steadily narrowed the gap with Amazon and Alphabet?
Also Read: No Twitter on iPhone? Allen makes a significant claim regarding Apple
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
