- By John Delorian
- (General Dispatch) – The CCP will take action for unregulated capital; Premier Li Kequiang told a legislative meeting that it will take measures to stop tech billionaires from evading taxes or being clever.
- The Global Times reported that billionaires will now have to submit to CCP regulations to encourage fair competition in the market and avoid monopolies and disorderly expansion of capital.
- “The announcement came after China’s State Administration of Market Regulation (SAMR) will release finalized anti-monopoly guidelines for the platform economy in February, which promises to protect fair competition in the market,” the Global Times said.
- The State Administration of Market Regulation SAMR, the package of regulations enforced by the state, saw the agency gain almost unlimited power to judge large enterprises, and have them dissolved in the blink of an eye.
- Ma a big businessman of Alibaba Group, mysteriously disappeared, when SAMR branded his company a “monopoly”, he had also made criticisms of the CCP and was no longer the richest man in China when he reappeared. Ant Group’s shares fell by 40%.
- Li Kequiang’s measures have worked when they realized that the Ant Group corporation had a “larger market capitalization than China’s largest state-owned banks.”
- The CCP is trying to gather all the information about Ma’s companies and find his client portfolio, but it has taken time, as the businessman has filed a lawsuit, which may give way at any time.
Adittional Information:
Breitbart: China to Crack Down on ‘Unregulated Expansion of Capital’
Global Times: China for the first time vows in government report to step up efforts against business monopolies
