The Chinese president has used a recent speech to fire a warning shot at business figures in China that “may have political ideas about power”. He has also implemented new legislation to show that nothing in China is above the power of the Chinese Communist Party, CCP. Rana Mitter, professor of Chinese politics at the University of Oxford, told Bloomberg: “Making it clear that the ultra-rich can be brought to heel is important symbolically.
“However, it also seems likely that the CCP is concerned that major business figures may have political ideas about power, beyond mere wealth.
“So the use of regulators is in part to reinforce the message that nobody is bigger than the party.”
China’s legislature in Beijing also passed a resolution last week to rein in the autonomy of lawmakers in Hong Kong.
They have created a loyalty test for elected lawmakers in the city.
Those who fail to show they are loyal to Beijing will face disqualification.
The move prompted the opposition in the Hong Kong legislature to resign their positions en masse.
Head of digital research at the Trivium China consultancy in Beijing Kendra Schaefer said: “The party values stability over everything.
“They value it over the competition, over fairness, over money.
Donald Trump has sought to thwart China’s growing economic and military prowess in his last days in office.
Many of China’s top tech companies have been barred from buying American parts.
An executive order by Mr Trump was signed to ban China’s ByteDance Ltd.’s TikTok and Tencent’s WeChat.
This has made China emphasise a strategy of greater self-reliance.
Beijing’s politburo has demanded the nation develop its “core technologies” to avoid relying on US tech.
At the last meeting of China’s politburo Xi Jinping announced his ambition to double the size of the nation’s economy.
A doubling of China’s economy would mean the nation would have to have a growth rate of 4.7 percent to 5 percent per year.