Interesting question – in China, does the power lie with billionaire capitalists or with the Party?
In the USSR there were no capitalists just powerful apparatchiks and the Party ruled. But China is quite different – a fusion of a strong centralised Party of 87m members with encouragement to capitalists to build, develop and grow.
But who is in control? Who has the final word – the Party or the Billionaires? My guess – the Party.
Todays extract in the FT notes a key meeting in Beijing attended by Ant Owner, Jack Ma, Chairman Eric Jing and CEO Simon Hu. On the other side of the table were regulators from the Bank of China, the China Banking and Insurance Regulatory Commission, the Securities Regulatory Commission and the State Administration of Foreign Exchange.
After the meeting a spokesman for Ma’s company, Ant, stated “…Ant Group will implement the meeting opinions in depth and continue to follow the guidelines of “stable innovation, embracing supervision, service to the real economy and openess for mutual benefit”. The Ant Company’s value? $316bn
China’s critics fail to understand the significance of the Deng Hsiaoping/Xi Jinping Reforms. They are so important. As Tony Blair has said “Understand China from China’s perspective”