Ants IPO got hauled by government and Jack ma got summoned. Xi is not just cracking on Ants and Alibaba but also all other Chinese internet companies like tencent , Baidu.
Everything is online now and as consequences all the malls and stores are shutting down. Everywhere are emptied like ghost town. This is very bad development for average people. All the money is going to the internet commerce companies.
China now is focusing on semiconductor equipment and material development so the country can be free from US sanctioning and western influence once and all. Yet those internet commerce has attracted all the money in the stock market, attracted all the bright talents from universities and take away average people livelihood , shutting down shops and malls.
This is very uneven development. Pose as direct national danger.
Ants group is using financial tricks to do all this and could lead to huge financial disaster.
Lending to young people who graduated with little money at high interest and then sell those loans as assets to banks. Banks doesn't know the details and they bought them and absorbed all the risk. Ants group act as middle man with little risk. This is exactly what happened to US financial meltdown in 2009. Selling loan directives.
President Xi is cracking down on them, recently all Chinese internet companies dropped huge at stock market.
It's about time.
Internet commerce is easy money , taking away all the talents , money and with little focus on fundamental science which should be the bread and butter for the country. And this leads to bad development model.
Everything is online now and as consequences all the malls and stores are shutting down. Everywhere are emptied like ghost town. This is very bad development for average people. All the money is going to the internet commerce companies.
China now is focusing on semiconductor equipment and material development so the country can be free from US sanctioning and western influence once and all. Yet those internet commerce has attracted all the money in the stock market, attracted all the bright talents from universities and take away average people livelihood , shutting down shops and malls.
This is very uneven development. Pose as direct national danger.
Ants group is using financial tricks to do all this and could lead to huge financial disaster.
Lending to young people who graduated with little money at high interest and then sell those loans as assets to banks. Banks doesn't know the details and they bought them and absorbed all the risk. Ants group act as middle man with little risk. This is exactly what happened to US financial meltdown in 2009. Selling loan directives.
President Xi is cracking down on them, recently all Chinese internet companies dropped huge at stock market.
It's about time.
Internet commerce is easy money , taking away all the talents , money and with little focus on fundamental science which should be the bread and butter for the country. And this leads to bad development model.