Is on the Gin
- May 26, 2020
- United Kingdom
The news of the government's plan to enforce more curbs on Alibaba sent its stock crashing down as much as 8 percent. Alibaba said it would cooperate with any investigation.
Reports from China indicate that the Chinese government may be working on a plan to nationalize Jack Ma's Alibaba and the Ant Group. China's ruling Chinese Communist Party (CCP) has gone further ahead with the antitrust investigation into e-commerce giant Alibaba.
I will say while some here may not see this as a big development it is really as Alibaba group owns Ali Express and operats basically China's equivalent of Amazon in terms of it's size along with the Sesame credit system which should be well known about in ChinaXi Jinping, Chinese President and CCP general secretary, had said in October that the plan was to make China a more state-controlled economy based on domestic demand.
For those who don't know about it
so this is a pretty big move for China.