Chinese-style political capitalism is becoming commonplace


It’s a new record. During “Singles Day” on November 11, Chinese online shopping site Alibaba posted sales of $ 74 billion (62 billion euros). Almost double the previous year. Quite a symbol: the Chinese economy, this figure tells us, has emerged from Covid-19 and started again. It is not the German automakers who will say the opposite: it is only in China that sales of luxury models are accelerating. Cartier is also rubbing its hands: its presentation of 400 watches and jewelry on the Toabao Live platform during the event attracted 770,000 people in two hours.

“In China, after the coronavirus crisis, the economic recovery is here”

This shopping fair, also called “11.11”, has established itself over the years as a barometer of consumption and the economy in the Middle Kingdom. But above all, she is the embodiment of a man who has become too powerful for Xi Jinping, the Chinese president, to remain impassive: billionaire Jack Ma.

Xi Jinping’s reply to Jack Ma

It was he who launched this great day dedicated to good business and consumer frenzy, that his e-commerce group Alibaba wants to impose on the rest of the world as the Americans did with “Black Friday”. He also developed the world’s largest financial group: Ant Group (formerly Ant Financial), sister company of Alibaba.

Initially, Ant provided

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