by Gordon G. Chang • August 16, 2021 at 5:00 am Moreover, crackdowns in Xi Jinping's China never really end. They are more than just "wiggles," as superstar hedge-fund manager Ray Dalio called them in a July 30 LinkedIn posting, as he attempted to explain away Beijing's harsh moves against business. The announcement follows a series of stunning attacks on private business. Xi's moves to force China's companies off foreign exchanges could be in preparation for an expropriation of foreign shareholdings in Chinese businesses.
 Chinese President Xi Jinping's moves to force China's companies off foreign exchanges could be in preparation for an expropriation of foreign shareholdings in Chinese businesses. Pictured: Xi appears on a large screen as performers dance during a mass gala marking the 100th anniversary of the Communist Party on June 28, 2021, in Beijing, China. (Photo by Kevin Frayer/Getty Images) On August 11, the Chinese Communist Party's Central Committee and the central government's State Council issued what the official Xinhua News Agency called "an outline on promoting the building of a rule of law government from 2021 to 2025, on the basis of the successful implementation of a previous 5-year plan." The Chinese party-state's announcement included a promise to enact a series of laws on, among other things, national security, tech innovation, monopolies, education, health and quarantines, food and drugs, and foreigners. "The announcement," Reuters stated, "signals that a crackdown on industry with regard to privacy, data management, antitrust, and other issues will persist on through the year." Just "through the year"? By its own terms, the announcement makes clear that the crackdown will continue until at least the end of the ongoing 14th Five-Year Plan, in 2025. Continue Reading Article |
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