China News Update: TikTok, Ant Group, Jack Ma, Alipay & Trump
This article was written on last month and reflects the news as of 11/15/2020.
China was the most recent country to recognize Joe Biden’s presidential victory, offering brief congratulations. This month, foreign and domestic ongoings have been the main topic of discussion about the People’s Republic. The belated response was motivated by a hesitation to stir up feelings with President Trump in his last two months of office. However, that hasn’t stopped the Trump Administration from severing ties with China. The planned TikTok ban, which serves as a stark public reminder of the rocky relations between the two nations, has been delayed another 15 days. A new executive order was issued this week banning several companies deemed to be funding the Chinese military. And Chinese companies are feeling the political pressure domestically as well.
In August this year Ant Group Co., a financial services provider and operator of Alipay, announced a plan to raise over $30 billion for a stock debut in Hong Kong and Shanghai, set to be the largest IPO in history. However, the brazen personality of celebrity shareholder Jack Ma could’ve cost the company at a financial conference late last month, where the 56-year old mogul criticized state-run banks. A week later, regulators shut the deal down from an order by China’s President Xi Jinping. Alipay, used by about 70% of the Chinese population, is a clear threat to government-run banks due to its ability to give the population a way to move money around with little transparency. It’s nothing new that millionaires who’ve succeeded from the historical growth of China’s economy still aren’t exempt from the party’s policies; this week was an opportunity to show who’s boss.
Shion will be a junior at Southridge high school and enjoys playing the trumpet, baseball and hiking.