After criticizing China’s Communist Party government and President Jack Ma, Alibaba founder Jack Ma is not taking the name of the trouble.
Alibaba founder and China’s richest entrepreneur Jack Ma has got into trouble by criticizing his country’s communist government and President Xi Jinping. According to international media, now the Chinese government is planning to nationalize the companies of Alibaba and Ant Group, which have been missing for two months.
- January 14, 2021, 7:06 AM IST
Jinping government wants to send a clear message to private companies of China
Jack Ma gave a speech criticizing China’s bureaucratic system on 24 October 2020. He strongly condemned China’s financial regulators and government banks (PSBs). He even called the banks of China up to the moneylender working as mortgage. He appealed to the government to change the system, which works to suppress the efforts of young and new businesses. After this, the Communist Government of Gusai China stopped the Ant Group IPO. After this, many restrictions and investigations started on Jack Ma’s companies. Now going forward one step, nationalization of Jack Ma’s companies is being considered so that the rest of the private companies of the country can be given a clear message.
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People’s Daily, the mouthpiece of China’s Communist Party, said that something is going to be better than the government’s anti-monopoly work. The Daily said that the party wants to strengthen anti-monopoly work to prevent the disorganized expansion of politburo capital. As the antitrust investigation progresses, the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange will also be involved in investigations against Alibaba. In simple terms, the difficulty for Alibaba is yet to increase. Please tell that after the nationalization of Alibaba-Ant Group, they will be entitled to Xi Jinping.
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What Jack Ma said in Shanghai’s speech, which upset the government
Jack Ma said during an event in Shanghai in October 2020, “New discoveries may come into existence with new regulations but not with the old-fashioned regulations. We cannot manage an airport in the same way that we do a railway station or we cannot manage the future exactly as we do the past. In the financial world, we have to be free from the ‘mortgage’ mentality. We have to depend on the development of the credit system. I have found that the ‘mortgage’ mentality is China’s most serious problem. Many entrepreneurs have been affected by this. The entrepreneur has to pledge all his assets and this is a very serious matter. In such a situation, they remain under a lot of pressure.