In this file:
· Xi Jinping endorses revamping China's legal system amid crackdown on Alibaba
… According to China's state-owned news agency Xinhua, China's ruling party on Sunday released a 15,000-word document that proposed a "system of distinctively Chinese socialist rule of law"…
· Chinese govt may nationalize Jack Ma's Alibaba and the Ant Group: Reports
… The suggestions are that the plan to nationalize Alibaba has come from the very top of the ruling Communist Party structure, I B Times reported. A few days ago, the People's Daily, the official mouthpiece of the CCP, said the government's "anti-monopoly work" will lead to "better development"…
Xi Jinping endorses revamping China's legal system amid crackdown on Alibaba
By Elizabeth Shim, United Press International (UPI)
Jan 12, 2021
Jan. 12 (UPI) -- Chinese leader Xi Jinping could be consolidating power as the Chinese Communist Party reveals a new policy to revamp its legal system amid a crackdown on Alibaba, the country's biggest e-commerce company.
According to China's state-owned news agency Xinhua, China's ruling party on Sunday released a 15,000-word document that proposed a "system of distinctively Chinese socialist rule of law."
The Chinese government has set a deadline of 2035, the South China Morning Post reported Tuesday, when "the state, government and a society governed by the rule of law will be basically completed, a socialist rule of law system with Chinese characteristics will be basically formed."
Beijing claimed the restructuring would guarantee the Chinese people's "right to equal participation and development will be fully guaranteed, and the modernization of the nation's governance system and capabilities will be largely achieved," the report said.
News of the Chinese plan to place the party's leadership, or Xi, at the center of the country's legal system, comes after Xi stressed "self-reliance" at a meeting in Beijing on Monday in a speech that called for the development of the domestic economy.
"Only by being self-reliant and developing the domestic market and smoothing out internal circulation can we achieve vibrant growth and development, regardless of the hostility in the outside world," Xi said, according to the Post.
Xi did not address Monday's one-year anniversary of the first COVID-19 death in the Chinese city of Wuhan.
Beijing's statement on greater government involvement in economic planning, which Xi justified amid a "turbulent time" comes as Alibaba founder Jack Ma remains missing.
Ma has not been seen in public since October, after he gave a speech criticizing China's banking regulations, the Financial Times reported Tuesday...
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Chinese govt may nationalize Jack Ma's Alibaba and the Ant Group: Reports
via The Free Press Journal (India) - Jan 12, 2021
Prominent investor Carson Block has warned that Chinese shares are "uninvestible" following the disappearance of billionaire Alibaba founder Jack Ma, Daily Mail UK reported.
As per the report, Block, one of the world's best-known activist investors, said Ma's disappearance is "just one of the reasons" he is betting against Chinese firms.
He said his main concern is dodgy accounting practices, but he also hit out at poor oversight of the way companies are run and the huge power of the Chinese regime over the country's firms.
Shares in Alibaba have fallen by around 25 per cent since October, when founder Ma made critical comments about China's regulator and state-owned banks. Weeks later, the flotation of Ma's financial services firm Ant Group was cancelled by the Chinese authorities.
Jack Ma, a former English teacher who became the international poster boy for Chinese e-commerce, has made no public appearances since his comments in October, the report said.
Block told The Mail on Sunday: "Jack Ma's inability to be seen in public is just one of the reasons why we believe China equities are uninvestible".
Reports indicate that recent developments are proof of China's resolve to nationalize Alibaba. Song Qing, Internet finance industry insider, said the investigation is part of CCP plans to nationalize both Ant Group and Alibaba.
"There will definitely be an outcome, now that they have started the investigation ... This is probably coming from the highest levels," he told Radio Free Asia.
The suggestions are that the plan to nationalize Alibaba has come from the very top of the ruling Communist Party structure, I B Times reported. A few days ago, the People's Daily, the official mouthpiece of the CCP, said the government's "anti-monopoly work" will lead to "better development."
The paper said the party Politburo thought 'anti-monopoly work' should be strengthened to prevent the disorderly expansion of capital.
Song Qing agrees with the view. "Just a couple of weeks ago, they set out plans to nationalize Ant Group and Alibaba; the timing was deliberate ... Those plans all came from the central leadership," he said...