By Uldis Sprogis
China is currently in a state of stagflation where prices are going up for everything and unemployment is rising, which is a harbinger of little economic growth in the foreseeable future.
Xi Jinpingâs crackdown on almost everything in China may be a sign of insecurity or tremendous fear of the monied business sector. Tencent and Alibaba were in the 10 topmost valuable tech companies globally in 2020 and today they are no longer on the list. 38% of the apps disappeared from the app market since 2018. China is about to ban offshore trading services, has not only cracked down on big tech but also social media, tuitions, and games. The crackdown was rationalized in the name of common prosperity, but it is more like a vendetta against businesses –which is causing foreign investors to flee China, making Chinese markets lose 1.5 trillion dollars. The crackdown on celebrities resulted in one social media influencer being fined $210 million.
The CCP wants to dominate Chinese minds and bodies and keep money in China for the Chinese, so it is about to stop the flow of money out of the country, which was started by many Chinese businessmen preparing to flee the country. With such a large crackdown on businesses that provide many jobs, China is digging its own grave in the long run and Xi Jinping doesnât realize it yet.
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