• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Wednesday, December 6, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Xi all set to nationalize every Chinese business

Vikrant Thardak by Vikrant Thardak
November 15, 2022
in Premium
Reading Time: 3 mins read
0
Chinese economy
398
VIEWS
Share on FacebookShare on X

Xi 3.0 so far has been a disaster for the Chinese economy. Not only it has triggered a massive exodus of country’s wealth to Southeast Asian nations, Xi’s re-election has also caused a bloodbath in the Chinese stock market.

And now, Xi is very very very desperate! There is a whole slew of media reports that now claim that Chinese economy is seemingly back on track.

Also Read

Once Trudeau was riding the dragon, Now he is burning in Dragonfire

In terms of Diplomacy Justin Trudeau tops Canada’s charts (From Below)

Chinese stock markets register an impressive rebound

Chinese stock market on Tuesday experienced an impressive rebound, driving Hang Seng China Enterprises Index up by 5%. Experts say that the Biden-Xi meeting that took place on the side-lines of the G20 summit in Indonesia played a key role in calming the fears of investors and businesses.

As it appears, US President Joe Biden’s meeting with CCP secretary Xi Jinping came as a blessing in disguise for the Chinese stock markets. Another important factor behind the Chinese stock rally were the rumours of a governmental stimulus package. As per investing.com, the Chinese government is expected to take stimulus measures to counter the economic duress from COVID-19 restrictions.

The reality check

But that does not mean everything is good with the Chinese economy, as being portrayed by many in the media industry.

Read More: Chinese investors welcome Xi Jinping’s re-election with a bloodbath in the stock market

The industrial production and retail sales data released on Tuesday came as a big disappointment. In October, Industrial production grew by just 5%, down from last year’s 6.3% and expected 5.2%. The retail sales data brought no respite either. Retail sales posted negative growth of 0.5%, while the forecast was estimated at 1%.

Xi Jinping expects to be in command till 2035 - The Economic Times
Source- The Economic Times

Another grim outlook for the Chinese economy is indicated by the fleeing wealthy businessmen and billionaires. Media reports show wealthy Chinese are fleeing to foreign destinations, including Singapore and Indonesia, to escape increased scrutiny at home.

Xi 3.0: A disaster for the Chinese economy

The exodus has accelerated after Xi Jinping cemented his rule over the nation for an unprecedented third term. Xi Jinping’s “common prosperity” ambition is the most concerning issue for the Chinese billionaires.

Drew Thompson, a visiting senior research fellow at National University of Singapore’s Lee Kuan Yew School of Public Policy, said, “It’s really a downward slope for the private sector in China and it’s just a question of how steep.” He added, “That will accelerate efforts to migrate and shelter wealth abroad.”

It’s obvious that Xi Jinping’s love for people despising the private sector is orchestrating this exodus of China’s wealthy people. Vikna Rajah, head of tax and trust at law firm Rajah and Tann Singapore LLP, said that “Entrepreneurs who have done well and taken their companies public are interested in parking their international wealth in a place like Singapore.”

Xi to nationalize all businesses?

The trend shows that to achieve his goals of “common prosperity”, Xi Jinping can nationalize all of the assets of Chinese businesses. Chinese billionaires have long reaped the benefits of “Capitalism with Chinese characteristics”. Now, they view China as a communist entity that can strip them of all of their riches in the drop of a hat. This explains the massive outflow of money from China, and the desperation of the Chinese leader.

Xi Jinping understands that the exodus of the wealthy Chinese can well stymie his efforts of “common prosperity.” So, he is now taking measures to stop them from flying abroad, and siege their assets.

Xi scrambles to stop the exodus

The Xi administration has reportedly launched a special tax investigation team to keep tabs on individuals with bank deposits of more than $1.4 million. Under new rules, if any person put under observation by Chinese authorities want to fly out of China, he/she must obtain a Tax Refund Certificate. These measures are inspired from the moves taken by Mao Zedong, which the former Chinese leader took in order to promote nationalization. Experts quoted by theBl.com said that this was the first step towards complete nationalization of Chinese businesses.

The report reads, “We can see that Xi Jinping has once again successfully implemented the Mao Zedong-styled dictatorship and forced a group of high-income people to hand over the wealth they had earned during 30 years of reform and opening up.”

Such developments show the Chinese economy and domestic politics are far from being stable. Unemployment rate is skyrocketing, economic growth has stagnated, and investors are fleeing China like there is no tomorrow. Xi 3.0 has only changed China for worse, and there’s no indication that the best days for the Chinese economy lie in the future. Now, Xi’s scramble for stopping Chinese nationals from flying abroad and seizing their assets only shows his anxiety and desperation.

Tags: ChinaPremiumXi
ShareTweetSend
Previous Post

Tedros is using WHO to settle his personal scores with Abiy Ahmed

Next Post

St. Vincent and the Grenadines ditches US and re-dials Venezuela

Also Read

Terrorism was a Sin as per the Canadian Constitution. Then Came Justin Trudeau

Terrorism was a Sin as per the Canadian Constitution. Then Came Justin Trudeau

November 3, 2023
Ukraine Aid: To Express his Profound Love for Zelensky, Biden Proposes to Make America a Wartime Economy

Ukraine Aid: To Express his Profound Love for Zelensky, Biden Proposes to Make America a Wartime Economy

October 30, 2023
Stop Panicking! Iran’s ‘Haifa Port Threat’ is just a Bluff

Stop Panicking! Iran’s ‘Haifa Port Threat’ is just a Bluff

October 27, 2023
China Has Possibly Flared a Diplomatic Spat Between India and Russia. But It is Failing Already

China Has Possibly Flared a Diplomatic Spat Between India and Russia. But It is Failing Already

October 22, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Zelensky has two shining Yachts. Biden you Lovely Rich Rascal!

Zelensky has two shining Yachts. Biden you Lovely Rich Rascal!

November 28, 2023
Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

Did the US just lose its “Nuclear” War with Russia? Strong evidences emerge

November 30, 2023
Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

June 29, 2023
Jagmeet’s Career will be over in 3 Months

Jagmeet’s Career will be over in 3 Months

December 2, 2023
Finland is the new Crimea. And Soon!

Finland is the new Crimea. And Soon!

December 4, 2023
Canadian Patriots sent Trudeau and Jagmeet into Hiding for Hours

Canadian Patriots sent Trudeau and Jagmeet into Hiding for Hours

December 6, 2023
Germany goes ABSENT from EU meeting to get out of the Ukraine Mess

Germany goes ABSENT from EU meeting to get out of the Ukraine Mess

December 6, 2023
East Europeans rise up in Anger against Ukraine

East Europeans rise up in Anger against Ukraine

December 6, 2023
Once Trudeau was riding the dragon, Now he is burning in Dragonfire

Once Trudeau was riding the dragon, Now he is burning in Dragonfire

December 5, 2023
The BIG Ukraine Bummer, they aren’t talking about

The BIG Ukraine Bummer, they aren’t talking about

December 5, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.