The Chinese state backlash over one-click capitalism
The China Letter: March 16, 2021
What did months without hearing from a billionaire say about the future of China’s economic system? How is Beijing trying to justify its anti-democracy reforms in Hong Kong? And are vaccine passports really a ticket to new forms of surveillance? Read on for the latest on these topics and more, and hit the button below to share it with others:
A future was up in the air
While the year started with speculation that Jack Ma disappeared, flight records show the Chinese tech tycoon was travelling weekly, with trips related to restructuring his business. The billionaire went publicly silent after criticizing China’s regulators for being too conservative, after which they swiftly cancelled his Ant Group’s stock market debut.
But the anti-capitalist bent of Beijing appears to have young supporters from the generation that racked up quick and easy debt due to the products developed by Ma. The regulatory crackdown has resulted in the resignation of Ant Group’s CEO, as the company will be expected to abide by the regulations of China’s banking system.
Britain asks a big question
Hong Kong electoral changes generated a statement from G7 foreign ministers, as the “One Country, Two Systems” formula appears under threat. Dominic Raab of the U.K. has become increasingly critical of non-compliance with the 1984 treaty. China accused Britain of “groundless slanders” for saying the new policies violate the deal.
Freedom has a new price
The rollout of China’s coronavirus vaccine passport involves offering a downloadable certificate created with the hope of getting other countries to co-operate in a program facilitating international travel, with the implication of privacy. But the passport is also tied to data provided to WeChat, which has been linked with deep surveillance.
Canada amidst the chaos
Communist party newspaper Global Times claims a trial will take place for the “two Michaels” from Canada despite their own country unaware of this timeline—plus, Beijing once claimed the trial happened in December. Meanwhile, former prime minister Stephen Harper considers the country to be caught in a new Cold War it can’t control:
Harper reflected on a need to rectify the growing trade imbalance that’s taken shape in the 20 years since China was admitted to the World Trade Organization, combined with concerns over the surveillance tactics built into the Chinese technology system.
The last words, for now
Beijing blamed plant pests as the reason to ban imports of pineapples from Taiwan, leaving it to wonder if this was a political move to further pressure the island claimed by China. President Tsai Ing-wen retaliated with a social media campaign called “Eat Taiwan’s pineapples until you burst,” heralding a wave of pineapple pride:
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