Jack Ma 'Lost', Related To China Dream?

Jack Ma. (Instagram @jackma_alibaba)

JAKARTA - The world of cyberspace is shocked by the news of the disappearance of a billionaire and Chinese technology tycoon, Jack Ma. Rumors are growing, the Executive Chairman of Alibaba Group has even 'disappeared' suddenly since October last year.

Launching Forbes, analyst Mike O'Sullivan revealed that a number of billionaires in the Bamboo Curtain country suddenly disappeared between the 2016-2017 period. Some of those who were lost finally returned. Wives, lovers to business rivals are suspected of having contributed to the loss of these billionaires.

The time span of the disappearance of these billionaires is known to coincide with the strengthening of the anti-corruption and anti-monopoly discourse. It is no coincidence that according to O'Sullivan, the Chinese authorities are carrying out an antitrust investigation into the business octopus belonging to Jack Ma, Alibaba and Ant Financial (formerly Alipay).

"A few weeks before the announcement of the investigation leading up to Ant's IPO (initial public offering), Jack Ma criticized the Chinese regulators for having a pawnshop mentality. This humiliation was deemed excessive for Chinese authorities," O'Sullivan wrote.

Furthermore, he wrote, the regulatory 'attack' on Alibaba reinforces the assessment that the Chinese Communist Party is a threat to corporate freedom. According to him, this assessment occurs in the US and Europe

Regarding the 'attack' on Alibaba, O'Sullivan wrote that there are two interrelated factors. First, there is little room to be critical of government policies. Second, it is in the interest of maintaining the continuity of the Chinese economy to fulfill its vision so that the Chinese economy is not monopolized by a handful of people / groups.

Jack Ma with his Alibaba became one of China's economic giants. (Source: Wikimedia Commons)

China Dream

O'Sullivan wrote, President Xi Jinping, through the 'China Dream' campaign, wanted to restore China's economic glory as it was centuries ago. Therefore, the state has full control in various matters including the economy. However, at first glance Beijing's economic behavior is like a capitalist economy.

This system is not without risks, even though the people enjoy prosperity, national order and pride. The real threat is, a period of unemployment and huge debt in China. Unlike in the US and Europe, China still allows bankrupt companies to default and restructure.

"I am writing about the 'Sisyphean economy', where the government and central bank boost economic activity by injecting liquidity. Of the major economies, only China understands this relevance to the size of the debt in China. This is wise, given the threat to President Xi Jinping's popularity. and the Communist Party, and nothing can get in the way of the 'China Dream', "concluded O'Sullivan.