Chinese government can take over Jack Ma’s companies

Chinese government can take over Jack Ma's companies

The Chinese government is considering nationalizing Jack Ma’s Alibaba and Ant Group. This claim has been claimed in a report. Significantly, Jack Ma gave a speech on October 24 last year criticizing China’s bureaucratic system. Jack Ma had criticized China’s financial regulators and state-run banks.

He made this criticism in a speech in Shanghai. Jack Ma had appealed to the government to make changes in the system which suppresses the efforts of innovations in business.

After this speech by Jack Ma, China’s ruling communist party became angry with Jack Ma and since then extraordinary restrictions were started on many businesses including Jack Ma’s ANT group. He has been missing for two months. It is claimed that since this time, he is not seen in public places.

The International Business Times quoted the government of China as saying, “In recent times, there has been an advance by the state administration for market regulations, on the basis of which the Chinese administration is investigating Alibaba.” The Ant Group and Alibaba are being investigated at a time when China is closely examining the impact of the country’s Internet sector.

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