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/leftypol/ - Leftist Politically Incorrect

"The anons of the past have only shitposted on the Internets about the world, in various ways. The point, however, is to change it."
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China Set to Tighten Hold on Crackdown - Hit Finance Sector
never mind the strange title
<China is set to step up its hold over the $61 trillion financial sector, amidst a regulatory crackdown that has seen detentions of several top executives and an unrelenting crusade against corruption in the industry.

<This week, at a twice-a-decade financial policy meeting, Beijing vowed to uphold the centralised and unified leadership of the Communist Party (CCP) on the country’s financial work. Chinese President Xi Jinping and Premier Li Qiang were in attendance at the meeting.

<China will “persist in taking risk prevention and control as the eternal theme of financial work,” the Central Financial Work Conference held in Beijing was quoted as saying.

<“We should be aware that all kinds of contradictions and problems in the financial field are intertwined and influence each other, some of which are still very prominent, and there are still many hidden risks of economic and financial risks.”

<Over the past year, China’s main anti-graft agency and the CCP’s decision-making body have both vowed to crack down on corruption within the industry. That has led to arrests of a wide range of executives including top dealmaker Bao Fan, former Bank of China chairman Liu Liange and former AMC fund manager Wang Yawei.

<The crackdown has also focused on the opulent lifestyles led by finance industry executives, leading to wide-ranging pay cuts and warnings to banking and investment sector employees against activities that might attract regulatory scrutiny, such as posting pictures of expensive meals, clothes or bags on social media.

These "crackdowns" have been on going for quite some time. It's always the same 3 themes

Financial Risk
Opulent lifestyles

It seems like the CPC is chewing on something. When they say "financial risk" that usually refers to Neo-liberal shock-doctrine stuff like preventing to big to fail type finance crash scenarios. Anti corruption campaigns that's usually purges within the capitalist class. Then they go after some lifestyle aspect of the super-rich, that might be a symbolic thing.

Does anybody understand the larger context of this ?
Is this preparation for some kind of happening ?


Gotta get those finance capitalists under control so that the industrial capitalists can remain dominant.


Ohhh.. that's what's going on.

So what's playing out here is Marx's old prediction where industrial capital and money capital would eventually get into a fight and then industrial capital wins and subordinates Finance to it's needs.


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The People's Democratic Dictatorship does not tolerate vapid thottery


From what I can tell
>1. Xi’s Main line tends to be anti corruption and counter-subversion.
>2. The 2008 crisis was a huge moment for neoliberalism but for china as well
I feel like xi really tries to be vigilant against any attempts to create scenarios that would result in a similar crisis. Like another anon said also, I think he is trying to keep the industrial sector prevalent also to reinforce this and maintain an economy backed by productive labor


<vigilance against scenarios that would result in 2008 type crisis
You mean the neo-liberal shock-mechanism where a crisis like the 2008 financial crash enables a part of the bourgeoisie to elevate it self to big-bourgeois status that can gain control over the state to impose it's interests against all other interests at a great detriment of society.

The CPC seems to have won every battle of that type. All the mega-porkies that entered the ring of political power got K.O.ed in round one. So the CPC seems to have the strength of the proverbial 800 pound gorilla in that metaphor. I wish i knew how they do it. But i also worry, the neo-liberal tendency that has so utterly wrecked the west, still persists in China. I'm assuming that the Chinese transition to full communism will probably take at least the rest of this century, will they really be able to keep this up for several generations ?

I always wondered about whether there isn't a structural fix so that the economic system doesn't generate the Neo-liberal tendency, making it less necessary to fight these battles in the first place

>I think he is trying to keep the industrial sector prevalent also to reinforce this and maintain an economy backed by productive labor

Yes this is another question that i have. Is this priority for an industrial productive labor based economy a political choice ? Or is it simply an organic manifestation of China having the largest industrial base of the world. The west lost it's industrial base because western capitalists could simply outsource industry to China. Chinese porkies can't do the same because there is nowhere to outsource too. And a organic tendency towards socialism begins manifesting as soon as a significant enough concentration of advanced productive forces accumulate, or something like that.


>The CPC seems to have won every battle of that type.
Oh, is that why China has the most billionaires of any country? Because the party that's supposed to be fighting for workers is winning the battle of control over the state against the bourgeoisie? Anecdotes for this time or that time when the party punished a specific porkster don't tell the story of a country of 1.4 billion people. The proof is in aggregate: China's bourgeoisie are allowed to accumulate so much power that they become billionaires. And lots of them.


>China's bourgeoisie are allowed to accumulate so much power that they become billionaires
At least from the outside it looks like they were allowed to accumulate wealth but not power.

And the number of Chinese billionaires has begun to shrink and so has wealth inequality.


>muh billionaires argument
How are they billionaires TRULY? They don’t have free rein of their assets. They can’t leave the country with their assets. If they use their assets in a way that goes against state plans they get shut down. If they use their assets in a corrupt way they get shut down. Yes they are corporate execs with billions in their pocket (on paper) but they can’t really do anything with it can they? Imagine having millions in your account but have strict limits in how you can use them as well having obligations in how to spend your own money. Would you truly be a millionaire in the neoliberal sense?


>billionaire in formal appearance but not in practical substance.
Interesting concept

>Would you truly be a billionaire in the neoliberal sense?

Right it would be interesting to actually define "a billionaire in the neoliberal sense"

Or perhaps in less abstract terms what are differences in powers that a billionaire for example in the US has compared to one in China.
You already mentioned asset-mobility and spending-obligations


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>accumulate wealth but not power
Anon… do I really need to explain how wealth accumulation in industrial production happens in the first place? It's through exploitation: workers not being paid the full value of their labor. To accumulate wealth, you do so at the expense of workers, and yes, that includes worker disempowerment.


I agree that Chinese workers are exploited.
But i disagree that the Chinese bourgeoisie has gained state-power.

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