Tag: Communist

Chinese Communist Party Seeks Sway Over Private Business

Mao Zedong vowed to abolish China’s capitalists. Deng Xiaoping said they could get rich.

Now Xi Jinping, China’s current leader, has his own message for China’s private businesses that reflects a drive for both economic growth and greater Communist Party control: We’re here to help you, but you must also help and heed us.

The party that leads the world’s second-largest economy after the United States this week laid the groundwork for greater party influence over private business, while also promising them more support and opportunities to convey their needs.

Though lacking many specifics, the guidelines underscored the competing economic and political undercurrents bearing on Mr. Xi’s government. China needs to shore up growth, especially after a hit from the coronavirus epidemic. At the same time, Mr. Xi sees smaller private firms as a weak spot in his efforts to secure Communist Party dominance across society.

“Unify members of the

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CLSA’s Five-Year Plan Shows Communist China Is in Charge

Views Of the CLSA Hong Kong Office

Photographer: Anthony Kwan/Bloomberg

Before CLSA Ltd. was acquired in 2013, the Hong Kong brokerage’s research division issued a warning to investors in Chinese financial companies: beware of “high-frequency interference” from the Communist Party.

Nearly a decade on, there’s no better example of how Chinese government control can transform a financial firm than CLSA itself.

The latest case in point: CLSA executives have for the first time been ordered by their bosses at state-owned Citic Securities Ltd. to participate in China’s five-year planning process, a ritual that Communist Party leaders have used to guide the nation’s economy since the 1950s, people familiar with the matter said. Major state-owned enterprises are required to submit five-year plans to the government, and CLSA’s outlook will now feed into Citic’s report to Beijing, which is unveiling a new road map in October, one of the people said.

The diktat adds to a

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