All it takes is one good man to fight out the evil, but what if the evil is way too strong and leads one of the richest nations on the planet? Well, in that case, the good man must also share a comparable stature with his rival.
Communist China under Xi Jinping is the epitome of autocratic leadership. Without a doubt, Xi’s anti-business practices coupled with his gore negligence for the civilian’s privacy is paving the way for his ousting from the throne of Chinese Presidentship.
No Stone Left Unturned
Chinese President Xi Jinping perfectly understands the threat posed to his regime by big pro-business corporates. which he has always tried to quash under the mask of his war against capitalism. Xi has left no stone unturned in using government machinery to crackdown on business empire of Jack Ma.
Xi had previously launched a full-scale attack against big corporates of his own country in February, this year. Three Chinese internet giants— Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Meituan have seen over $100 billion wiped out in three tumultuous days. After halting an IPO by Alibaba’s fintech arm — Ant Group Co. in 2020, Xi was looking to paralyze Jack Ma’s business empire.
You see, the Chinese President has been cracking down on all major tech giants. Meituan, for example, was asked to slash the rates that it charges to restaurants in pandemic-hit areas. Similarly, Tencent was also facing a big regulatory crackdown.
However, Xi is focusing his attention on Alibaba in particular. As per Bloomberg, the Xi administration even asked Chinese state-owned firms to disclose their exposure to Jack Ma’s Ant Group Co. Even Alibaba’s food delivery venture Ele.me was under scrutiny. Just the previous year, Alibaba was asked to pay a record fine of $2.8 billion. Xi’s policies and regulatory crackdowns even led to Alibaba’s market value dropping from $858 billion to roughly $310 billion.
Read More: Okay! So Xi Jinping is really afraid of Jack Ma
Ma’s no Surrender Policy
Authorities reportedly placed Jack Ma under house arrest a couple of months ago after he had previously denounced Chinese authorities for impeding innovation. However, Jack Ma is a fighter, and his resilience to devastate Xi’s stronghold has only been solidified by the administration’s actions against him.
In the latest attempt to destabilize Ma, Alibaba’s executives were called in for meetings with Chinese officials over the theft of a vast police database. This led to a slump in the company’s share by 5.7 per cent at the open in Hong Kong.
According to reports, a hacker has been selling the online data of at least 750,000 Chinese citizens which he stole from Alibaba’s cloud servers in early July. This contains the users’ names, phone numbers, social security numbers, addresses, and even the dates of their birth and police reports, among other vital pieces of personal information. The documents were supposedly stolen by hackers from Alibaba’s cloud servers where they were stored by the Shanghai Police.
Read More: Xi puts Jack Ma under house arrest
Make no mistake, this is just Xi’s latest move to muzzle critics like Jack Ma. Alibaba’s founder Jack Ma is on the frontlines in the war against Xi Jinping’s supremacy. Reports of an open rivalry between Xi and the leaders of the “Shanghai faction” are very prevalent.
Alibaba is one of the biggest tech firms in the world and its founder reportedly shares cordial relations with the “Shanghai faction” and is expected to cash on his relations to ramp up his aggression against Xi’s authority. With the approaching 20th National Congress of the Communist Party of China, there is a big opportunity for the anti-Jinping forces to unseat the incumbent President.
The mere thought of losing his chair is sending shivers down Xi’s spine. This is precisely why he is trying to subdue all rebel voices. Don’t be mistaken, this will only get even bloodier with each passing day hereon!
