Why Are The Chinese Billionaires Keep Vanishing One By One?
You must have noticed that Chinese billionaires keep vanishing one by one. Is the Chinese government terminating them to take over their wealth?
In the age of opening and reform & the economic miracle over the past decades, China’s market opened opportunities for small entrepreneurs, Who have deployed all the new fields of technology and economic engagement that resulted in China having many billionaires.
China has recently announced a revamp to its financial regulatory authority. Under this, most of China’s financial sectors will be under the control of a new Financial Regulatory authority.
Authorities said this would close current loopholes caused by multiple agencies monitoring different aspects of China’s financial services industry.
In 2015 alone, at least 5 senior business people became unreachable including businessman Guo Guangcheng, also known as China’s Warren Buffet.
His company later announced that after his reappearance that he had been assisting with investigations.
Bao Fan is a Chinese investment banker and the chairman and CEO of China Renaissance, who was featured on Bloomberg Markets 50 Most Influential.
Reportedly, Bao vanished days before his employer revealed that he was cooperating in an inquiry being carried out by various authorities in the People’s Republic of China.
Chinese-Canadian businessman Xiao Jianhua, who was formally one of the wealthiest persons in China, was reportedly abducted from a hotel in Hong Kong in 2017.
Billionaire real estate magnate Ren Zhiqiang disappeared in March 2020 and was later sentenced to 18 years in prison on corruption charges.
In late 2020, Jack Ma disappeared after castigating the nation’s financial regulations. He reportedly made headlines because he has not been accused of any crimes.
He has been spotted in Thailand and Australia in recent months and was reportedly living in Japan for a major period of 2022.
The ‘Shared Prosperity’ agenda of Xi Jiping has led to crackdowns in a significant part of the economy, with the technology sector receiving special attention.
China insists that the goal of the program is to reduce the increasing wealth disparity, which may weaken the Communist Party’s position.
A new financial watchdog was announced in February 2023 when bankers were advised to not imitate their ‘hedonistic’ Western colleagues.
Some China watchers reportedly suggested that the government risks discouraging new business talent.
The Chinese government insists the actions taken against some of the country’s richest people are purely on legal grounds and are aimed to root out corruption.
With their immense wealth, the multi billionaires reportedly had the potential to wield power. So, President Xi Jinping wants that power back.