Charlie Campbell, Time: Where Is Alibaba Founder Jack Ma? What the Saga of One of the World's Richest Men Reveals About China Under Xi Jinping
The response was as swift as it was resolute.
On Oct. 24, Jack Ma, the man behind China’s e-commerce behemoth Alibaba, gave a speech in Shanghai at the Bund Summit, a gathering billed as a “an open, pragmatic and internationally influential financial high-end communication platform.” In such a setting, 56-year-old Ma probably felt entitled to share a few insights from a career that has seen him take Alibaba from a company of less than 20 people—started in his flat in the coastal city of Hangzhou in 1999—to a tech giant that pulled in $71.985 billion in revenue in the fiscal year ending Mar. 31, 2020.
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WNU Editor: This is where I share a little bit of my experience from dealing with China for the past 35 years.
China is a country that is politically ruled by a select few in the Communist Party with ties and relationships that go back decades. The country is also broken down provincially where each province does have a lot of power, but these provincial governments must still adhere to what the central government says, and Beijing must always be in the loop on what they are doing. The same goes for the large municipalities and cities. They have a lot of power, but they also must keep the provincial government (and in some cases the federal government) in the loop.
The country is economically run by about 800 families, and all of them have long term ties and relations with the Communist Party both federally and provincially. There is also a golden rule in China that applies to these families and to everyone else. You can start a business and you have the freedom to grow and make money. And if you succeed you must reward and give thanks to the Communist Party for your success. But .... and this is what has happened to Jack Ma .... you must never never never publicly criticize the Communist Party. Jack Ma made his comments to a public forum. And now he is going to be an example of.
My prediction. Jack Ma will be back, but a good part of his fortune will end up belonging (directly or indirectly) to some of the families who run the country.
More News On Jack Ma
Chinese billionaire Jack Ma suspected missing after calling for economic reform: report -- FOX News
Chinese billionaire Jack Ma suspected missing -- Yahoo News
Where is Jack Ma? Business tycoon MIA since October, name removed from his own show website -- Economic Times
Jack Ma's Alibaba hit with antitrust probe, Ant Group scrutinized -- Business Insider
"The country is economically run by about 800 families, and all of them have long term ties and relations with the Communist Party ..."
ReplyDeleteYou have described an oligarchy.
After the last 4 to 12 years, I cannot say the US is any different.
He's on the mothership.
ReplyDeleteDid he get his name from his father (ie Ma) and does he refer to his mother as Ma Ma?
ReplyDeleteThanks for the analysis, Mr WNU. I had no idea.
ReplyDeleteAs an aside, both my neighbours are Chinese and have to return soon to get their kids into a good school. Their worry is that they don't know anyone in the CCP or a local official to pay off to get their child in.
Which is madness.
I wonder if they'd dare voice their concerns publicly when they head over?
As for Jack Ma, he must be wetting himself.