Margaret McCuaig-Johnston is a senior fellow at the Graduate School of Public and International Affairs at the University of Ottawa and a former senior official in Canada’s Department of Finance.
Amid China’s post-COVID economic revival, foreign and domestic companies alike have hoped for brighter prospects as China opens up. But now all hopes for better days are in jeopardy due to the resurgence of President Xi Jinping’s anti-corruption campaign and the disappearance of top executives.when Bao Fan, founder, chairman and chief executive of China Renaissance Bank, went missing on Feb. 14. The bank is the lender of first choice to many of the top tech companies in the country, so Mr.
Targeting Mr. Bao could well be the first step in a more ambitious, wider crackdown on other business executives. Regardless of whether that actually happens, Mr. Bao’s disappearance is a sign that, despite China’s markets coming out of the COVID slump,On the news of Mr. Bao’s disappearance, Renaissance Bank’s stocks plummeted. TheWith great power comes great risk, and Mr. Bao would be very much aware of the case ofChinese regulation of the tech sector. Indeed, in Mr.
For Mr. Ma, he subsequently reduced his interests in the company and retired from business activities. Stepping down from his company is a fate that may also await Mr. Bao.
Missing billionaire is easier to find than a missing Chinese child.
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