Friday, March 1, 2024

China’s crackdown on flamboyant billionaires

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Author: Martin Miszerak, SolBridge International School of Business In March 2023, China’s National People’s Congress announced the establishment of a Central Finance Commission, a ‘super-regulator’ tasked with the supervision and overhaul of the entire financial sector. The new body is to be chaired by none other than Chinese President Xi Jinping. The Commission’s first ‘unofficial’ financial restructuring may well have been the mid-February disappearance of billionaire investment banker Bao Fan. Bao is the founder and chairman of China Renaissance, the country’s top investment bank. The disappearance of Bao Fan remains a mystery, although a rumour later circulated that he was…

Source link : China’s crackdown on flamboyant billionaires by East Asia Forum

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