Ants Financial, Alibaba, Softbank and so many more companies have been leading the technological innovation and growth in China with Jack Ma and a so many more private owners of company doing well for the communist nation and for themselves. China is regarded as a communist nation with the government having access to a lot of things including the runnings of several companies. It was until recently that the government allowed other citizens to own businesses and even with that, a lot of western countries and several countries have been skeptical about China and companies that function in the country.
Let's not forget that China has been said to be doing great in the last decades and only experienced a fall in GDP during the coronavirus pandemic period but during the third quarter of the year, china announces a 4.9% increase in economic growth. Are this growth an effect of the private companies in the country or is it the government pumping money into the economy, or maybe the figures are being manipulated?
This year (2020), the US government made a move against Chinese social media company Tik Tok over giving the chinese government access to its citizens data. although Tik Tok said they are not liable to give any government any data. A lot of companies like Huawei have been sanctioned as well and so many other Chinese companies.
Last week, the communist party denies Ant financial the ability to run its initial public offering in Shanghai stock exchange market. The company was expecting to reach a market valuation of $310 billion after the listing but it looks like the Chinese government want something more.
Ant financial product Alipay and wechat are currently being used by over 1.7 billion users worldwide and its management and shareholders have been talking against the regulation of the government on the financial company. Recently Jack Ma made statements against the Chinese financial regulators on regulation of online financial institutions even though he is a member of the communist party.
Although Jack Ma was summoned for questionings as well as other management of Ants financial before the IPO date and it was clear when the IPO was canceled by the government and postponed by the company that the reason behind it is regulations on users data.
What do you think the communist party need all this data for? it is no doubt that there can't be free lives in china as even table knives can be tracked using barcode scanners. Do you think there are truly privately owned companies in china owned by Chinese without the government interferring?
Refferences
esportsobserver.
aljazeera
paymentsjournal.com