Plundering Private Businesses: CCP Is Nationalizing 13 Big Fin-tech Companies

Translator: billwilliam [Elite G-Translators & Authentic Writing Team]
Author: Ermat
Editor: Shifter

Image source: RFA

On May 1, Mr. Miles Guo revealed the news that banks in China have basically stopped private loan business, and market loan interest rates often rose to as high as 30%. Capital flight is worsening. More than 100 billion RMB flew from China into Canada in March alone, and more than 60 billion RMB into Canada in April. Large amounts of funds entered cryptocurrencies, including Himalaya coins. In the capital flight, top CCP leaders and large companies transferred their money to Japan. Mid-level CCP officials and entrepreneurs transferred their money to Canada and European countries. The wealthy are frantically moving their money out of China, and those in power are trying hard to hide their money. This is surely a sign before the dynasty’s collapse. Several major shareholders and major loan borrowers of Minsheng Bank are all restricted from leaving China. In the past three weeks, over 4,000 individuals related to the Minsheng Bank were banned from leaving China, and over 200 of them were stopped at the border.

Mirroring Mr. Guo’s revelations, Radio Free Asia reported on April 30 that the controllers or representatives of thirteen influential fintech platforms were questioned on April 29 by government agencies, including the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, Foreign Exchange Bureau and other financial regulatory agencies.

After investigations on the Ant Group, this is another major blow against private fintech companies that serve small or medium customers. The companies under investigation include Tencent, Duxiaoman Finance, JD Finance, ByteDance, Meituan Finance, Didi Finance, Lufax, Tianxing Digital, 360 Digital, Sina Finance, Suning Finance, Gome Finance, Ctrip Finance.

According to official data, China has more than 1.2 billion WeChat users, over 800 million Taobao users, and nearly 600 million QQ users. The internet enjoys a much larger influence than traditional media and has become the main channel for the Chinese people to access news and information. Therefore, the CCP regime is always worried about unexpected events or public outrage due to negative coverage, which may lead to unpredictable consequences.

Lu Zhenning, a sociologist at Zhejiang University, said, “In the economic field, the trend of promoting nationalization and suppressing private businesses is more obvious and is accelerating. Beijing will exert all efforts to control and restrict internet companies because they are the hot economic sector. Nationalizing these companies is likely the next step. State-owned capital will own a bigger stake or even enough shares for control.” It appears the Chinese Communist Party is preparing to nationalize these large private enterprises to control everything.

Although a Communist China with complete nationalization and North Korea are “mirrors of the past,” the CCP has developed a morbid desire for control and possession because of the CCP’s “lack of confidence in the system, lack of faith, distorted mind, and schizophrenic lunacy.” Hence, the CCP tries to “reverse the course of the sun and the moon” and “reverse the progress of history’s wheel,” but can they succeed?

Reference links:

Thirteen companies including Tencent were interviewed, fintech will be nationalized

The original report in Chinese

(This article only represents the author’s personal views)

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