26 Aug 2021
China takes on its tech leaders
By Fergus Ryan
There’s a saying in China that people fear fame like pigs fear growing fat. Become well known for the wrong reasons and you may well end up on the chopping block. Successful entrepreneurs are particularly at risk. The various rich lists that rank the entrepreneurs by wealth each year have a colloquial namesha zhu bang: “kill pigs list.”
With the Chinese Communist Party’s 20th party congress approaching in the fall of 2022, China’s ultra-wealthy have an additional reason to be on high alert. Not only will new ranks of senior leadership be elevated, but Xi Jinping will likely be confirmed as leader for at least another term — if not for life. China’s billionaires, seen as occupying rival centers of power and influence in the country, are being put in their place.
Over the last year, China has seen a struggle between state regulators and entrepreneurs as the government tries to bring technology companies increasingly in line with the goals of the Chinese Communist Party. Now some of China’s richest entrepreneurs have embraced philanthropy in a bid to stave off this unwelcome government attention.
... the full article is available at warontherocks.com ..