News World The mysterious disappearances of the new millionaires in China

The mysterious disappearances of the new millionaires in China

The list of Chinese businessmen who disappeared in strange circumstances this February added the name of bao fan, founder and CEO of China Renaissance, a major investment firm with clients such as Tencent, Alibaba and Baidu; among others. Chinese President Xi Jing Ping’s third term began on Friday, some voices attribute this disappearance to the increased surveillance of the Asian country’s economy.

Chinese authorities have recently increased their scrutiny of the technology sector; subject to multi-million dollar sanctions firms like Alibaba, whose president, Jack Ma, also disappeared from public life in 2019; or investigations such as the one opened against the ‘Chinese Uber’ Didi, after she went public in New York despite the apparent opposition of his government.

Fan’s disappearance occurred in mid-February, when, according to the Chinese portal Caixin, some people close to him assured that he did not respond to their calls or messages. Days later, Renaissance, his company, announced that he was “cooperating with authorities in an investigation.” As usual in the Asian country, it is still not known which government agency developed it, what it is about, or the whereabouts of the billionaire.

Decades of cleaning

The lack of transparency and secrecy around this, and the rest of the disappearances, raise suspicions about the terror regime that is being carried out in the China of the re-elected Xi Jinping. In 2015 alone, at least five executives in the country disappeared, including guo guangchang, owner of Wolverhampton; also the chairman of the Shanghai Stock Exchange, Zhang Yujun.

The disappearances occur after decades of Chinese liberalization, and an openness that has helped create a fringe of billionaires who with their immense wealth have the potential to wield considerable power. In some cases, the government of the Asian country insists that the actions taken against some of the richest people have a “purely legal” basis and that one of the main objectives of the government is to eradicate corruption.

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