Posted on 01/10/2021 7:14:42 AM PST by jonatron
The ruling Chinese Communist Party (CCP) has taken further steps to curb e-commerce giant Alibaba with the launch of an antitrust investigation into the tech company headed by tycoon Jack Ma.
"Based on tip-offs received by the State Administration for Market Regulation in recent days, the administration will be investigating Alibaba ... for suspected monopolistic activities," the administration said in a statement on its website.
The statement was reportedly linked to a policy forcing sellers using Alibaba.com to commit to using that platform exclusively, preventing them from also using rival platforms JD.com and Pinduoduo.
Alibaba issued a statement saying it would actively cooperate with the regulatory body, and that company operations would continue as normal.
The news prompted an eight percent fall in the value of the company's shares on the Hong Kong Stock Exchange on Thursday.
The announcement came amid ongoing scrutiny by financial market regulators of Ma's Ant Group, which runs the Alipay payments system.
"Today, Ant Group received a meeting notice from regulators," the company said in a statement on Thursday.
There are indications that the decision to go after Ant and Alibaba is coming from highest echelons of the CCP leadership.
'Anti-monopoly work'
An article in the CCP's official mouthpiece, the People's Daily, touted "anti-monopoly work" as leading to "better development," based on recent calls from the CCP's Politburo.
The Politburo was of the opinion that the government should "strengthen anti-monopoly work and prevent the disorderly expansion of capital," the paper said.
(Excerpt) Read more at rfa.org ...
Poor Jack. I hope he’s bought an island and an army for just such an occasion.
The Politburo was of the opinion that the government should “strengthen anti-monopoly work and prevent the disorderly expansion of capital,”
Hmmm, the disorderly expansion of capital.
Isn’t that what Commela is talking about when
she speaks about wealth inequity? Huh?
Let em’.
Private sector monopoly replaced by state monopoly?
Is this an improvement as far as monopoly is concerned?
Jack Ma is an amazing, thoughtful dude. Have seen many videos of him, and this is who could lead a new China. He should really work behind the scenes with others to overthrow the CCP and build a China 2.0. But I am not optimistic.
Its sort of parallel to the case of Amazon, as Alibaba is their Amazon. And much of the rest of the world really.
Call it an antitrust case.
I think it was CNBC, if not some other leftist news organization, that was trying to run cover for the CCP and said Jack Ma wasn’t really missing but was just laying low. I agree with the laying low part. He is laying low on the bottom of the Yangtze river. CCP should make it easy on themselves and hire our Jack. He can sensor with the best of them.
Ma certainly is a better speaker than Bezos.
Oh please, these companies were always Nationalized, this is just propaganda.
Think of how bad China could cripple this country if they decided to stop commerce with the U.S. the swamp has created such a problem aka democrat kick back money has greater importance.
And Pompeo just lifted all restrictions on Taiwan. No more one state China policy.
The CCP is killing the golden goose.
He wouldn’t have an ounce of support from a single American billionaire.
When corporations and government align against their populous - true fascism. Mussolini launched fascism after his attempt at socialism was an utter failure. Of course the fascists look upon that totalitarian authoritarianism as a benefit to all, which of course it is anything but.
How long would it take Jack Ma to build an anti-Amazon in the USA if he showed up here. Not long, I’m guessing.
Of course, the Biden Pro-China admin wouldn’t let him.
Next will be the nationalization of all factories owned by foreigners. Good job outsourcing production to China. You are a out to be f’d in a big way.
They can also take over the factories and use them as hostages. Outright nationalization is a real possibility, though.
Deal with China will ruin you unless you have a big leverage of your own. Enough to ruin them if they betray you.
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