China’s Business Elite See the Country That Let Them Thrive Slipping Away

“When the ability to govern is diminished, even in the absence of a specific policy from above, the incompetence, brutality, and ignorance of the lower ranks will wreak havoc on the common people over whom they rule. govern,” said Mr Wu. is a senior research scholar at the Stanford Center on China’s Economy and Institutions.

Many businesses have lost a lot of money under “Zero Covid” which has shut down cities and locked millions of people in their homes for weeks at a time as the government tries to eradicate the coronavirus. Is.

“Under this dictator’s leadership, our great country is falling into an abyss,” said a hardware tech executive in Shenzhen. “But you can’t do anything about it. It hurts and depresses me.”

Despite many conversations over the years, we never discussed politics. I was surprised when he called after the party congress to talk about his “political depression”. He said that he was very nationalistic, believing that the Chinese were among the most intelligent and hardworking people in the world. Now, he and his many friends spend most of their time hiking, golfing and drinking. “We are too depressed to work,” he said.

Until a year ago, his startup was doing so well that he was planning to take it public. Then it lost a large portion of its revenue and its new hires were left without work when cities were shut down under “zero-covid” rules. He said he now had no choice but to lay off more than 100 people, sell his business and move his family to North America.

“Since the dark night has fallen,” he said, “I will deal with it the way of the dark night.”

A tech entrepreneur from Beijing told me a chilling experience after the party congress. In May, when there were rumors that Beijing might be locked down, he realized he couldn’t tell his employees to leave work early and stock up on groceries. He was worried he might be reported for spreading rumours—which led to people being detained by the police. He only told them that they should leave early if they had things to take care of.

This successful businessman is now applying for immigration to European country and USA.

Leave a Comment

Your email address will not be published. Required fields are marked *