Why are Chinese billionaires disappearing?

China, an ancient country in the Far East, is taking firm steps towards becoming the new world superpower. This interesting country with the most populous population in the world has managed to win a very important position in the modern world due to its huge economy. However, the country often comes to the fore with its human rights violations and undemocratic methods. However, much more interesting events have been taking place in China lately. Billionaire Bao Fan, one of the most important names in China’s tech industry, disappeared last month! However, Bao Fan is not the only defendant in the case of “disappearing billionaires” in China. Some Chinese billionaires who are also on the list of the richest people in the world are mysteriously disappearing! These mysterious disappearances raise the question, “What’s going on with Chinese billionaires?” Let’s look at the details together.

China has long been one of the strongest economies in the world.

For this reason, the slightest development of the Chinese economy affects the whole world. The economic power of China has allowed the country to take a very important position in the modern world. However, the country often comes to the fore with its anti-democratic practices. The mysterious disappearance of some billionaires is shown as one of the most striking examples of this practice.

Chinese billionaire Bao Fan, founder of financial company China Renaissance Holdings, mysteriously disappeared last month!

The financial firm’s clients include tech giants such as Tencent, Alibaba and Baidu. For this reason, Fan is considered one of the most important names in technology in China. However, this did not stop the unfortunate billionaire from disappearing.

Bao’s disappearance is believed to be linked to a claim that he “cooperated with an investigation being conducted by certain authorities in the People’s Republic of China”.

However, no explanation has been given so far in which unit the investigation was conducted, what it was about, and what kind of relationship he had with Fan. The absence of any explanation from the Chinese government over the disappearance of one of the world’s most famous treasures makes the event even more mysterious and suspicious. However, this is not the only disappearance story that has raised suspicions against the Chinese government. The list of missing Chinese billionaires is quite long!

In 2015, Guo Guangchang, chairman of the multinational conglomerate Fosun International, one of China’s largest private enterprises, and owner of the English football club Wolverhampton Wanderers, went missing.

Guanchan appeared some time after the disappearance. His company said the Chinese billionaire helped with some “investigations” during his absence.

In 2017, Chinese-Canadian businessman Xiao Jianhua was detained at a luxury hotel in Hong Kong.

It was only last year that it became clear why Jianhua, one of China’s richest men, was detained. The billionaire accused of corruption was sentenced to prison last year.

In March 2020, real estate mogul Ren Zhiqiang criticized the way Xi Jinping, general secretary of the Communist Party of China and president of the People’s Republic of China, has managed the pandemic.

Using the phrase “clown” about Jinping, Zhiqiang joined the caravan of billionaires who soon disappeared. Convicted of corruption the following year after a trial that lasted only one day, Zhiqiang was sentenced to 18 years in prison.

World-famous businessman Jack Ma, founder of Alibaba, is one of China’s mysteriously missing billionaires.

At the end of 2020, Ma criticized the country’s financial control policy and soon disappeared! Since that day, the famous billionaire has not been seen within China. Although Ma has been reported to have been seen in Japan, Thailand and Australia in the past, the businessman’s exact whereabouts are unknown.

In China, not only the rich suddenly disappeared

It may not get as much attention as billionaire disappearance stories, but Chinese citizens from any income group also rank high in disappearance stories. Not surprisingly, suddenly disappeared Chinese are among the participants in anti-government protests or demonstrations against human rights violations. So why are Chinese citizens, and especially billionaires, mysteriously disappearing?

According to some reports, these mysterious disappearances are the result of President Xi Jinping’s efforts to increase his influence on the country’s economy.

In the past period, a comprehensive revision movement has begun in China’s financial system. Accordingly, it is stated that a new regulatory unit will be created to monitor many financial sectors. Officials say the Chinese economy was previously controlled by various institutions, resulting in large economic losses.

It is argued that with the control mechanism in the hands of a single center, losses of trillions of dollars can be prevented. According to many, one of the reasons for the disappearance of billionaires is the new economic policy of the government and the steps it is taking in this direction.

Xi Jinping Says He Wants To Break Billionaire Power In The Economic Sphere

It is argued that before the Qinping administration, private companies in China, especially technology companies, had room for significant growth. Today, some Chinese tech giants are among the most important companies in the world. Thus, these companies have a significant impact on both the global and the Chinese economy. According to many experts working in China, Cinping wants to break the efficiency of technology companies in the economy.

Missing billionaires are considered the industry government’s message!

Nick Marro, who works for the Economist’s Economist Intelligence Unit, said:Such events are sometimes organized to send a broader message to a specific industry or interest group.” uses expressions.

Chinese officials insist that the actions taken against the billionaires are “within the law”.

The most common argument used by the authorities in the face of disappearances is “the fight against corruption”.

The disappearance of billionaires in China may prevent the emergence of new enterprises in the country!

This means that the Qingping, which is seeking to reduce the growing inequality in the Chinese economy through new policies, is facing a new economic challenge. According to experts, Cinping is also aware of this situation. For this reason, in his recent speeches, he recalls that the private sector is extremely important for China. But on the other hand, in the same speeches, entrepreneurs were told “the rich and responsible; rich and honest; be rich and full of love.” In other words, the Chinese billionaires did not survive the threat of “mysterious disappearance” in the coming period!

Source: 1