China has vowed to curb the influence of technology companies and root out corruption tied to the ‘disorderly’ expansion of capital In a sweeping communique following the plenary session of the Chinese Communist Party’s (CCP) top anti-graft group, the government said it would break the ties between money and power, and tackle corruption in a range of industries.
It means the government isn’t finished with a regulatory onslaught that upended industries from e-commerce to education and ride-hailing last year. They also served as a warning for CCP officials.
Alibaba Group Holding. took a hit on Friday, falling 3.4 per cent in Hong Kong after China’s central TV network aired a five-part documentary series, ‘Zero Tolerance,’ to coincide with the anti-graft meeting.
An episode on Wednesday night featured Zhou Jiangyong, the former party chief of eastern Hangzhou city, who allegedly used his influence to help his younger brother’s businesses — one of which included Jack Ma’s Ant Group as an investor, according to a local media report in August. Another CCTV episode revealed how Sun Lijun, former vice public security minister, received bribes worth $14 million in small seafood boxes. He also faces charges of stock manipulation and gun possession.
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