So how does China hold this man accountable without also holding themselves accountable?
Isn’t it Chinese Communist policy that all businesses, especially a large one like Evergrande, has government personnel on the board of directors or equivelant?
Seems like if CCP had their hand in this cookie jar they should sanction themselves as well.
Xi will either blame predecessors or the CIA. Whatever the case the lesson “learned” from this will be more government control and things will spiral down further.
Once of the hallmarks of Xi’s China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn’t know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.
China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!
So how does China hold this man accountable without also holding themselves accountable?
Isn’t it Chinese Communist policy that all businesses, especially a large one like Evergrande, has government personnel on the board of directors or equivelant?
Seems like if CCP had their hand in this cookie jar they should sanction themselves as well.
Xi will either blame predecessors or the CIA. Whatever the case the lesson “learned” from this will be more government control and things will spiral down further.
Hui Ka Yan is a party member.
In 2008, Hui became a member of the Chinese People’s Political Consultative Conference (CPPCC) National Committee, the top political advisory body in China. He was promoted to CPPCC National Committee’s Standing Committee in 2013, and actively participated in the conventions since then. He attended the 100th anniversary of the Chinese Communist Party in 2021. In November 2022, he skipped a Standing Committee meeting due to the crisis at Evergrande, and was told not to attend the annual meeting of the CPPCC in March 2023.
Once of the hallmarks of Xi’s China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn’t know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.
China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!