Tuesday, August 9, 2022

China’s crackdown on billionaires: Xi Jinping targets ‘ultra-wealthy’

Chinese supremo has made things for its billionaires and extremely wealthy more precarious in the past few years. China’s economy could become the world’s biggest but increasingly it’s also one of the most unequal which has been made further worse by the pandemic. Xi Jinping has been stepping up efforts to ensure wealth is more evenly distributed among the nation’s 1.4 billion people ahead of 2022.

As per various sources, at a crucial Communist Party meeting in October to discuss future economic plans, Xi asserted that China’s development was “unbalanced and insufficient.” The President added that common prosperity should be the ultimate goal as he looks ahead to the 100-year anniversary of the founding of the People’s Republic of China in 2049.

The ultra-wealthy elites, known in China as fuerdai who made a lot of fortune during China’s boom and had gained early access to overseas markets, monopolizing brand-new industries, stock and property markets. A human rights watcher had recently reported that people in China are “discontent” with President Xi Jinping’s draconian coronavirus measures that have pushed the country further into a surveillance state.

Also Read: China arrest Uighurs via AI; Pompeo slams Chinese for intellectual property theft

Earlier China came into widespread condemnation after U.S.-based Human Rights Watch (HRW) reported the government used an expansive data collection project to arbitrarily detain Uighurs in the region. United Nations experts and advocates say at least 1 million ethnic Uighurs, who are mostly Muslim and speak a Turkic language, have been detained at some point in Xinjiang internment camps. 

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