The recent spate of attacks on Mr Ma by Chinese authorities has been driven by economic as well as political factors, experts say. It points out that China’s rich and private face the same dangers.
After the ipo of Jack Ma‘s Ant Group was halted, the company was repeatedly interviewed by regulators and ordered to rectify the situation. Alibaba is under antitrust investigation by the authorities. Mr Ma has disappeared from public view for more than a month and is in a precarious position. “The current attack on Alibaba and ants is actually the result of factional fighting,” Said Yizheng Lian, an economics professor at Yamanashi Gakuin University and a veteran Hong Kong current affairs commentator, in a recent interview with epoch Times.
For a long time, China’s so-called private sector — known to foreigners as’ Crony Capitalism ‘– has been a form of collusion between the families of Jiang Zemin, Deng Xiaoping, Li Peng and others since the Communist Party began to reform and open up, Lian said. They have “gained as much power as they have now because of the connections and power of the state.”
When Xi Jinping came to power, “he didn’t have a single penny. When he wanted to use these economic powers, he would have to use the power of the party and state to attack these so-called private sectors. It’s actually a factional struggle.”
In addition, ma’s business empire is too big to be seen as a threat by the Communist Party, he said. “You can easily buy off all the party officials, maybe do some court battles to get rid of it. So he has to go under the knife.”
He pointed out that under the Dictatorship of the Chinese Communist Party, the Party itself is a monopoly organ, monopolizing all power, resources, connections and so on. Any other organisation that appeals to or wins a crowd is a threat to the Communist Party and it will come at you. This is a “rule” that has been formed since the founding of the Communist Party of China. “All the other people in the private sector who have made a lot of money, I think they are in danger,” he said.
In addition to political reasons, Lian Believes that Jack Ma was purged for economic reasons. His analysis, for more than a year, the communist party of China and the western world economic tensions, the communist party of China’s state-owned enterprises, or closely associated with the communist party of China’s enterprises in foreign blow, so at this time of the communist party of China is to “have not been seriously boycott of western society, make enterprise operation with a lot of money and is trying to control them, and then seize them part of the resource.”
The Wall Street Journal report seems to bear this out. A group of regulators led by the central bank ordered Ant to set up an independent financial holding company that would have to comply with capital requirements applicable to banks, the report said, citing officials and advisers familiar with the matter. That could open the door for large state-owned banks or other types of government-controlled entities to take stakes in Ant.
Mr Ma has not gone public since October, when he publicly criticised financial regulation in Shanghai for stifling innovation. It is said that Ma Yun has been “border control”.
Lian believes the rumor should be true. “It’s also bad for [the Communist Party] to let you go out and mobilize some funds abroad,” he says.
At present, he said, mainland capitalists, whose passports have been confiscated and whose borders have been controlled, “are in the same boat as Hong Kong’s brave protesters, though for different reasons.” “When these children were fighting, they were all swearing, now it’s their turn.”
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