In this file:
· Could China’s Crackdown Be a Second Cultural Revolution?
... What many foreign investors have yet to understand is that a regulatory crackdown that’s erased $1 trillion off Chinese equities goes well beyond reining in digital monopolies and forcing delivery companies to pay gig workers more. Xi is arguably unleashing political forces that haven’t seen the light of day for decades. In a widely published essay, a leftist blogger who goes by the name Li Guangman writes that China is in the throes of a “profound revolution" ...
· Multiplying Crackdowns Haven’t Stopped Cash Pouring Into China
· Chinese Leader Announces New Stock Market to Open in Beijing
· China bans men it sees as not masculine enough from TV
Could China’s Crackdown Be a Second Cultural Revolution?
By Andrew Browne, Bloomberg
September 4, 2021
It’s no coincidence that an edict barring kids in China from playing online video games for most of the week came as the education ministry introduced a new subject to the national curriculum: Xi Jinping Thought.
As the academic year gets underway, students from primary schools through colleges and university are immersed in lessons from “Grandpa Xi.” The message could hardly be clearer: the Chinese Party-state wants to mold young minds with correct ideology, not distract them with online fantasies. To underscore that point, authorities are cracking down on “fan culture.” All mention of Zhao Wei, a billionaire actress, has been scrubbed from the internet.
Is this a new Cultural Revolution?
What began as a regulatory takedown of Jack Ma, the flamboyant Alibaba co-founder, quickly grew to an assault on tech platforms–including those, like Tencent, that offer online gaming.
Now, as the campaign picks up speed, it’s adopting some of the iconography of the Maoist era. Along with the cult of personality, the effort is building a militant commitment to “struggle” against domestic and foreign enemies along with a “rectification” campaign to instill socialist values and combat decadence...
... What many foreign investors have yet to understand is that a regulatory crackdown that’s erased $1 trillion off Chinese equities goes well beyond reining in digital monopolies and forcing delivery companies to pay gig workers more. Xi is arguably unleashing political forces that haven’t seen the light of day for decades. In a widely published essay, a leftist blogger who goes by the name Li Guangman writes that China is in the throes of a “profound revolution.”
Just over half a century ago, Mao plunged China into a decade of chaos by launching an attack on “capitalist roaders” within the Party who he believed had hijacked his revolution to restore the old society.
Xi is assailing actual capitalists, some of them party members...
... Some of this is about raw power. Mao attempted to destroy his own Communist Party–“bombard the headquarters!” he instructed his young Red Guard zealots–to preserve his own legacy. Many China experts believe that Xi is laying the groundwork for a bid to remain in office indefinitely...
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Multiplying Crackdowns Haven’t Stopped Cash Pouring Into China
via Yahoo Finance - September 3, 2021
(Bloomberg) -- Canceled share sales. Ruined business models. Tech moguls brought to heel. Barely a day goes by without more news on the widening scope of Beijing’s crackdown on private enterprise.
Yet money from around the world continues to flow into mainland China -- testament to its gravitational pull on global investors and long-term confidence in its economy.
Amidst the turmoil in markets, foreign investors have added to their holdings of stocks in Shanghai and Shenzhen every month since November via trading links, according to Bloomberg calculations based on data from Hong Kong’s stock exchange.
That’s when they might have been expected to start retreating, as authorities blocked the initial public offering of Ant Group Co., marking the beginning of the regulatory onslaught.
Purchases more than doubled last month versus July, and it’s a similar picture in China’s bond market...
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Chinese Leader Announces New Stock Market to Open in Beijing
By Eli Pacheco, The ToysMatrix
Sep 4, 2021
A third stock market will be set up in Beijing to help small- and medium-sized companies raise capital, Chinese regime leader Xi Jinping announced Thursday.
“We will continue to support the innovation and development of small- and medium-sized enterprises, deepen the reform of the New Third Board, set up a Beijing Stock Exchange to build a primary platform serving innovation-oriented small- and medium-sized enterprises,” Xi said in a video speech during an international fair for trade in services held in Beijing.
China already has two stock markets, both set up in 1990. One is in Shanghai and the other is located in Shenzhen, a city next to Hong Kong.
The New Third Board Xi mentioned is an over-the-counter capital market launched in 2013 in Beijing. Its official name is the National Equities Exchange and Quotations (NEEQ). It has been deemed an easier financing channel for small businesses with its simplified procedure and lower cost.
Xi didn’t provide further details or the timeline of the setup.
Shortly after Xi’s speech, the China Securities Regulatory Commission posted a statement, saying it will build the new stock exchange based on the listed companies in the select sector of the New Third Board...
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China bans men it sees as not masculine enough from TV
The Associated Press
via KTVR (CO) - Sep 3, 2021
BEIJING (AP) — China’s government banned effeminate men on TV and told broadcasters Thursday to promote “revolutionary culture,” broadening a campaign to tighten control over business and society and enforce official morality.
President Xi Jinping has called for a “national rejuvenation,” with tighter Communist Party control of business, education, culture and religion. Companies and the public are under increasing pressure to align with its vision for a more powerful China and healthier society.
The party has reduced children’s access to online games and is trying to discourage what it sees as unhealthy attention to celebrities.
Broadcasters must “resolutely put an end to sissy men and other abnormal esthetics,” the National Radio and TV Administration said, using an insulting slang term for effeminate men — “niang pao,” or literally, “girlie guns.”
That reflects official concern that Chinese pop stars, influenced by the sleek, fashionable look of some South Korean and Japanese singers and actors, are failing to encourage China’s young men to be masculine enough...