Liberal-democratic party, Party

As part of the broader strategy of the Chinese Communist Party (CCP) to increase State ownership of private companies and to strengthen the Party's influence, the State-backed firms and regulators are obtaining stakes and representation on the board in technology companies, media reports said.The State-owned firms and regulators like China's Cyberspace Administration are obtaining the so-called 'golden shares' in private companies, especially internet/technology firms holding large amounts of data and operating critical information infrastructure.'Golden shares' are types of shares that give special powers to the shareholder like veto power over changes to the company's charter, and even the ability to block other shareholders from holding more than a particular ratio of the company's ordinary shares.The CCP is particularly focused on Chinese private companies that are listed in the US, such as the digital freight company 'Full Truck Alliance', social media firm 'ByteDance' and the online audio platform 'Ximalaya', the reports said.Most of the companies have accepted the "golden share" arrangement to avoid sanctions by the Chinese regulators or in lieu of preferential treatment while applying for licenses.China first began using golden shares in 2016 to enhance its discreet monitoring of business operations and to influence the decision making of the companies.The recent uptick in the use of golden shares by CCP is intended to establish a direct oversight of internet companies' collection, use and storage of consumer data, in accordance with the Data Security & Personal Information Protection laws enacted in the country last year.The move is also motivated by the CCP's vision of achieving a more socialistic economy as part of its "common prosperity" goal.The CCP has been implementing its vision by "cutting to size" giant private firms and individuals who lead them, with Jack Ma's disappearance for weeks being the most prominent recent example.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Liberal-Democratic PartyFOLLOW

Liberal-democratic party, Latest News

Tokyo, April 22 More than 100 Japanese lawmakers visited the war-linked Yasukuni Shrine in Tokyo on Friday on ... ...

Lok Sabha Speaker Om Birla on Thursday reached the Ho Chi Minh City in Southern Vietnam and met the city's Party Secretary Ngyuen Van Nen and held discussion on a gamut of issues to boost bilateral ties. ...

Hyderabad, April 17 The Congress on Sunday made it clear that it will not have an alliance with ... ...

The Bharatiya Janata Party (BJP) workers during a party meeting on Saturday opposed Baby Kumari, the party's candidate for the upcoming bypoll in Bihar Assembly constituency Bochaha and protested in front of the state BJP president Sanjay Jaiswal. ...

Beijing, April 9 US President Joe Biden has compared the Russian military campaign in Ukraine to the Chinese ... ...

Himachal Pradesh Chief Minister Jairam Thakur on Thursday dismissed claims of Aam Admi Party leader Manish Sisodia about leadership change in the state and said the party will not take any such decision on AAP's suggestion. ...

More than 5,800 cases involving violations of the Chinese Communist Party (CCP) code on improving Party conduct were investigated in February, China's top anti-graft agency said Sunday. ...

As part of the broader strategy of the Chinese Communist Party (CCP) to increase State ownership of private companies and to strengthen the Party's influence, the State-backed firms and regulators are obtaining stakes and representation on the board ...