China's crackdown on 'excessive' wealth has echoes of 'Robin Hood'

China's crackdown on 'excessive' wealth has echoes of 'Robin Hood'

Tencent, which owns the popular social media app WeChat, has set aside 100 billion yuan ($20.8 billion) for social aid programs.

Online retail giant Alibaba also pledged to donate that amount to "common prosperity" projects like insurance for delivery workers and rural health care.

Meanwhile, Wang Xing — the billionaire founder of Meituan (China's version of Uber Eats and Deliveroo) — transferred more than $2.7 billion worth of is shares into a foundation. As it so happens, his food delivery company is being investigated by China's competition regulator, and reportedly facing a $1.4 billion fine.

At least 73 of China's listed firms have told shareholders they will make contributions to President Xi's "common prosperity" drive, according to a Bloomberg report.

 

They are all looking after their behinds so when Xi comes hunting, they may be off his list.

Smart.

 

Sounds like some type of ccp extortion money mafia style, why not just raise the income of your lower paid workers?

 

Simples - government corruption. Actually, that's probably not true. What is occurring is that China has an increasingly growing middle class, that the government is unable to supply with the luxuries (food, vehicles, travel, clothing, housing etc) that that segment of society expects as it moves up the social scale. If a revolution or overthrow comes, it will be via an unfulfilled class ... and the middle class would have the clout (unlike the lower classes) to make it happen.

I may be wrong, as do not have intimate knowledge, but history worldwide does have a way of repeating itself

I am wondering what is behind the electricity shortages - asides from shooting themselves in the foot by blocking Australian coal and relying on their hard to access, poor quality local stuff

 

Do you have hard evidence to back up that claim?
I love to speculate too, but this is above my pay grade.

 

Speculation and my own opinion at this point in time it is, but it sounds a bit odd because it's no secret that Jack Ma and other wealthy business people have had issues with the ccp. Why not force higher wages instead or better working conditions, well I suppose that won't work for China because it will make their industries less favourable in a monetary sense.

You already know that they filter their media news and anyone that speaks out against them simply goes missing, we'll most likely never get the full story on anything. I'll bet you more and more of these stories like the one below will pop-up in future years.

 

I think this comment pretty much nailed it. Their economy is based on industries taking advantage of cheap wages and poor working conditions ... they are currently in a economic battle with other regional countries (India, Bangladesh etc) to hold onto that "advantage".

Combined with internal demand for better - how the leadership steers China into this new era will be interesting

 

It is true the billionaire class in China are a bit worry. The rules are changing on them. But there are also thousands of millionaires in China wanting to be billionaire. Now they have a chance to get to the billionaire class with rules getting a shake up.
Knock a few high perching bird and hopefully many more below will have their chance to shine.
We all know billionaire will try to protect their gain with any means they can.
Top dog don't like to be nip in the heels by the under dogs.

I have totally lost trust in 60 mins program.
They are just another propaganda rubbish that gets spill out of whoever pays them the most.
Journalism gutter trash skills.
The last piece of their program was the biggest BS and scare mongrel show I have ever seen.

War with China: Are we closer than we think? | Under Investigation

 

Haven't watched 60 minutes in over a decade ... not since they ditched genuine investigative journalist to become an extended version of A Current Affair

 

Agree, the scaremongering is pathetic.

 

Lots of propaganda thrown out by both sides, I think in this case the guy has just used 60min for a world stage for people to listen. Who'd go public with stuff like that if it wasn't true, it would totally tarnish your image as a business person anywhere in the world?

I don't know if any you have heard of the bicycle company 'Speed-X'. article-share-bike-turmoil-and-tianman-square-promotion-helped-doom-speedx


This is a 4 part series doco from a news company based in Singapore, I believe it is by far the most balanced reporting of the whole issue in China I've found to date and covers a lot of the issues.

 

As far as the bike Speed X - I would be surprise a slip up like posting a video of sort like Tianman Square is probably a bit insensitive. The video editor and program promoter needs to be sack.
There are so many places to do a bike promotion and they chose that area at that date?
Rookie business mistake? or hidden message? Who know right - I could speculate either direction.


Cool thanks - I have seen CNA insider program. It covers lots of different topics around the world.
I will watch that one video you have posted tonight.

 

You sort of need to watch all 4, because it explains why things have occurred in different stages.

 

Not far in yet but fascinating ... and I agree ... the US is using China as a convenient scapegoat for its own economic and social failings. Western countries were more than happy to "use" China - until, suddenly, China decided it didn't want to be used anymore.

A sourcing importer, I worked with decades ago, pointed out that anyone (usually from western countries) could simply take any competitors product into a relevant Chinese factory and say "make me this" ... and they would make it - right down to the logo. Capitalism at it's "finest" ... but now that China is growing up and finding it's own way ... the west also has to realise that companies are retuning their manufacturing, it simply doesn't come with jobs. Times have changed and the US hasn't kept up

So much blame and distrust on both sides ... like a parent trying to punish a rebellious older teen ... and a older teen who realises that it's parent is lacking ... its complicated and unproductive

 

There's quite a lot involved with copying products, a lot of companies have gone offshore for cheap labour because they can't compete on a global scale anymore, you'll still find that the top quality stuff is never produced in China, for e.g. all the top end Shimnano bike parts are still made in Japan, they still have factories in China and places like Malaysia, but they only manufacture the low end parts. They might assemble the upper end part in China for the cheap labour but companies like Shimano are a bit different to others as they don't outsource their metallurgy to other companies, it's all done in house as the processes take years of development to perfect to a point where it's cost-effective to make bike parts.

 

Interesting times as the US is definitely not an example to be held up as desirable either (as covered at length in the above youtube video) ... then you have the US invading with arms and force getting upset because China "invades" with facilities and infrastructure.

What does need to be understood is that - regardless of US or China or anywhere else - many of those middle class jobs simply do not exist worldwide anywhere anymore due to automation.

This has also lead to a mis-distribution of wealth in the US ... the top 1% have the same wealth as the bottom 90% ... which leaves a mere 9% floating somewhere in the middle. I suspect, trying to prevent this happening in their own country is possibly one reason behind the targeting of China's billionaires

 

There are many millions of millionaire in China.
They would love to be given a chance to become the next coming billionaires.
President Xi spread of common prosperity is to do away with the top 1%ers.
Have many more top 20%ers instead and so on and so forth.

I swear the western media exaggerated and blown out of proportion about China want to get rid of all capitalism.
I am not silly or dumb. I can see with my own eyes what is going on here.

 

I just want to say a huge thank you for sharing this link ... unbiased, gripping, informative and something that should be compulsory watching. Ep 3 - listening to the youth/young adults of today - gives me hope (excluding Zuckerberg)

 

I am watching episode 2 now. Thanks as well.. but it is such a long documentary.
It is 40-50 mins each. Bit of a marathon LOL

 

Also enjoying the 4 part series.