One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.
The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.
Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.
Earlier Restrictions by China on Cryptocurrency
The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.
In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.
Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.
The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.
Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.
Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.
The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).
The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.
Impact of the Regulation by China on the Businesses of Cryptocurrency
The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.
Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.
After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.
The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.
FAQ
What did China say about Cryptocurrency?
The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.
Why is Cryptocurrency banned in China?
China banned Cryptocurrency to curb money laundering.
Is it legal to buy Bitcoin in China?
No, It is not legal to buy Bitcoin in China.
Conclusion
Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.
China, the hub of manufacturing and with the most advanced technology. China is developing every day with an exponential graph. Since 2000 till now, there have been rapid changes in its development. It has developed dozens of technical investment booms.
It encourages and supports startups thoroughly and the result is, there are tons of startups emerging in China. These thousands of startups go through the incubator as well as accelerator program every year, in China.
Therefore, there are tons of accelerators and incubators in China. People often get confused between incubator and accelerator, well, these two have a major lining difference, that is, Accelerator enhances or accelerates the speed of your existing business. But, the incubator works for bringing out innovative and great ideas to any business.
The incubator is a major necessity for any startup to get started with the development. It encourages innovation and comes out with some very incredible plans for the business.
In this article, we present you with the Top Startup Incubators in China. Let’s get started.
The very famous and the biggest market space in Asia, Beijing Makerspace was established in the year 2011 in Beijing also known as Silicon Valley of China. Beijing Makerspace has offered services to over 30 startup companies and also, many entrepreneurs as per the record of 2015. More than 300 people from Beijing have registered for Beijing Makerspace’s services and membership.
It is very promising and by the time of August has raised more than 60 million USD in venture capital. This rounded as the total project value of 310 million USD (RMB 2 billion). Beijing Makerspace has served several businesses and brought many profitable deals for them. The incubated programs which have been offered by it have raised up to 54 million USD (350 RMD).
Kungfu Startups
The startup incubator, Kungfu Startups renowned by Microsoft china and Zhangjiang Hi-tech Park is very prominent in China. It works by directing its focus towards Mobile, IoT, Big data, Cloud, Al and provides its customers with the services of access to different Microsoft applications.
Kungfu Startups provides the proper services of investors as well as the multinational from Zhangjiang Hi-Tech Park to many startups that register for it. Kungfu Startups incubator is run by a big startup business, Sensoro, in the year 2013 that comes under the program of Microsoft china.
The seed & early-stage venture capital and startup incubator, The Mills Fabrica is well known in China. It was founded in the year 2015 in Hong Kong, China.
The Mills Fabrica focuses on working with those startups which have a huge range of sectors and technologies. Its venture capital investments are ranged around $100 Thousand to $2 Million.
Number of unicorn companies in China by industry
Garage Cafe
The first incubator enterprise, Garage Cafe established in 2011 April is based on the Inno-way in Zhongguancun. It offers a working space to young entrepreneurs at the price of a cup of coffee. It is a café based investment and startups that offers several services to over 20 teams that include investors, startups and media.
These programs started in May 2015 as the Member Club with the team of entrepreneurs. And now, it has grown with more than 300 entrepreneurs and with around 40 suppliers. The annual revenue of Garage Cafe is more than 100 million RMB.
The very prominent cryptocurrency and blockchain venture capital and incubator firm have its offices located in different countries that include Boston & Rio (US), Beijing (China), Moscow(Russia), Seoul (South Korea) and Singapore. Bitblock Group was founded in the year 2017 in China.
Bitblock Group works with digital asset investments that are in early-stage. Also, focus on the financial services, IoT and other Al sectors.
Besides, it offers several services that are based on incubation projects such as financial advisory, customer retention management and selling point devising.
Tencent Public Space
Tencent Public Space is a project which is completely deviated from the digital online services, offers a service provider for the startups conceived by Tencent and also, an open platform for work. It does not depend on online services but instead, it focuses on the training services and marketing strategies by providing the required space for the startups to initiate.
Tencent Public Space was established in April 2015 in Beijing, Shanghai and Tianjin, China. By the time of November, it incubated more than 176 startups and later, by December it expanded its territory to other cities as well such as Wuhan and Guangzhou. It holds the capacity of handling over 500 teams and has a space of around 50,000 m².
Tencent Public Space gained some great profitable deals. From the three years of its establishment, it covered over 100 enterprises whose values are counted as over 15 million USD and turned out with 1.5 million USD (10 billion RMB).
FAQ
What is a startup incubator?
Incubators are designed to help entrepreneurs in its early stage and deal with most of the problems associated with launching a startup.
How do incubators help startups?
Incubators are an organization, platform or team of experienced professionals that helps startups bootstrap during its early stages and often provides mentoring, guidance, co-working space and also at times some funding.
What is incubation period for startup?
Incubation period of most startups are 6-12 months.
Conclusion
China promotes startups with great services and offers. Therefore, incubators are a very profitable business in China. Thousands of startups require tons of accelerators and incubators. And, China does not fail in providing them with this service.
On Beijing street, the incubators number rose from 23 to 40 in just one year. Several famous and prominent investors pour their interests into incubator marketing and services. With the rising development and evolution of technology in China, there are tons of services and markets which would provide you with the best assistance in your startup and businesses.
Jack Ma is a Chinese based entrepreneur, philanthropist and investor. He is the co-founder of Alibaba Group. In the Great leaders’ list of Forbes’ World’s 50 Greatest Leaders, he was ranked 2nd. He is considered to be an influential figure for the community of startups. Jack Ma had not made any public appearance for a quite few months. Let’s look at the reason for it.
Jack Ma had not made any public appearance since October 2020 and later made an appearance through an online video during the month of January 2021. His disappearance had created a fear about his whereabouts.
It was reported that Jack Ma was also missing from the final episode of his own talent show where he provides a chance for African entrepreneurs to compete for USD 1.5 million. The talent show is named as Africa’s Business Heroes.
In the month of January 2021, the disappearance of Jack Ma had made headlines in most of the newspapers.
Reason for the Disappearance
The disappearance of Jack Ma began when he criticized the regulatory system of China in the month of October claiming that it has a pawnshop mentality. He criticized the regulatory system saying that companies like AliPay were unsuitable for financial regulatory structure just like that of China’s.
This had happened days before Ant Group was looking forward to launching one of the world’s largest IPOs worth USD 37 billion on the Shanghai exchange and the Hong Kong Exchange. Following the criticism, the Chinese authorities had launched an anti-monopoly probe against the company and stopped its IPO application.
Jack Ma had appeared in an online conference where he addressed 100s of teachers. This conference was part of his annual event which Jack Ma hosts in order to recognize the efforts of the rural teachers.
State-affiliated media Global Times had shared a video and tweeted saying Jack Ma has not disappeared, here we go and added the statement that Jack Ma just had a video conference with 100 village teachers in the morning conveying that they would meet up once the Covid situations are better.
Qingqing Chen who is a senior reported added a follow up tweet which said that Jack Ma who used to be an English teacher gave wishes to the English teachers through a video. She added on saying that normally this activity would be held in Sanya in Southern Hainan but this year due to the ongoing pandemic it was done through a video conference.
There was another video that showed Jack Ma taking a tour in a primary school in his hometown of Hangzhou. He had informed the teachers that he would spend more time in Philanthropy.
Jack Ma was last seen on Jan 20 during a live video chat with rural educators.
Is Jack Ma the richest man in China?
Jack Ma is no longer the richest person in china in 2021.
What does Jack Ma do?
Jack Ma is an Entrepreneur, Businessperson, Teacher and a Philanthropist.
Conclusion
Jack Ma’s exact whereabouts have not yet been identified by the Chinese authority. However, the anti-monopoly case against the company has been implemented even after the appearance of Jack Ma.
Amazon one of the largest based e-commerce giant has removed certain made in china, sold on amazon gadgets from its e-commerce platform. Gadgets of companies such as Aukey and Mpow has been disappeared from the digital platform. Let’s look at the reason for Amazon to ban Chinese gadgets from its platform.
Amazon.com had recently blocked the vendors of several top Chinese merchants from its platform stating the reason of suspicious behaviour. The industry insiders have conveyed that this move from Amazon is part of a targeted crackdown based on certain business practices that are questionable to the sellers on the platform, including the sellers based in China.
The most products of Mpow which is the main electronics store of Amazon has not been available for purchase from April 2021. The electronics store is run by ByteDance and Patozon which is backed by Xiaomi.
There was no response from Aukey and Mpow on the queries put forward by the South China Morning Post. However, a spokesperson from Amazon has said that the company will not be able to give comments on individual cases. He added that Amazon has systems to detect suspicious behaviour and to take prompt actions. There were no allegations of conducting fraud by Aukey and Mpow.
Chinese Sellers on Amazon
The two banned companies are Chinese vendors who have turned to Amazon in order to enter the international market. According to a recent report by Marketplace pulse which is a consultancy firm, 75 % of all new sellers on Amazon was Chinese based company as of January 2021.
The share of Chinese based sellers on the US site of Amazon had increased from 28 % in 2019 to 63 % in 2021. The most successful sellers on Amazon would generate a huge amount of profit.
It is seen that as these Chinese firms are moving towards Amazon, they are bringing in some shady practices which is much more common in Chinese marketplaces. According to certain Industry insiders, some of the practices include creating fake reviews for the products, increasing the sales numbers, etc.
The recent actions of Amazon can be considered as a warning from the e-commerce platform which sends the message that the US based giant will not tolerate such activities on their platform.
The Finding
The recent removal of products from Amazon’s website has created a coincidence with the reports which were sent by the antivirus product review site called SafetyDetectives. The company had conducted a survey where they received links of around 75,000 which is directed towards Amazon’s accounts.
The cybersecurity team of the company have found that the links led to the vendors of Amazon which asked for positive reviews for their products for exchange of free products which would be provided by the website.
The owner of this website has not yet been detected but the researches could find some information written in Chinese which has led them to believe that the server is located in China.
From past few years Amazon has been working towards fighting such problems on their digital marketplace. From the year 2016 the company has banned incentivized reviews.
In the 2020 brand protection report which was released by Amazon has mentioned that the company has spent around USD 700 million and has provided new employment for more than 10,000 people to crackdown fraudulent cases and abuse.
According to a report, In the year 2020 the company has blocked more than 10 million suspected bad listings and 6 million attempts to create a new account.
Platonov has conveyed that the manipulation of review has become essential in competition between the vendors within a certain marketplace. They added saying that they are almost present everywhere with number of social media groups, websites and even a lot of companies that are specialized in techniques such as brushing and leveraging ample networks.
FAQ
What percentage of Amazon reviews are fake?
61% of electronics reviews were reported to be fake on Amazon as of March 2019.
Does Amazon allow fake products?
The sale of counterfeit products is strictly prohibited on Amazon.
How do I avoid Chinese sellers on Amazon?
Avoid brand names that are weird combinations of consonants and vowels, Avoid products that are identical to one with different brand names, and Carefully inspect products that have generic product titles and do not list a brand name, these steps might help you to avoid Chinese sellers on Amazon.
Conclusion
The problems related to fake reviews still exist on the Amazon and other online retail platform even though there have been a lot of lawsuits filed against such companies and the individuals who have written the reviews. Platonov has said that the problem would increase as Chinese vendors expand overseas.
There are a lot of billionaires in the world. Billionaires play a major role in contributing to the growth of a country and its economy by indirectly reducing unemployment and poverty.
Here is the list of the top countries with most number of billionaires and the top billionaires of that country.
The United States of America is a country which is located in the Northern America. The country is commonly as the United States or the U.S. The country has a population of around 331 million and ranks third in the most populated countries around the world.
According to the International Monetary Fund, the U.S GDP is around USD 16.8 trillion. For GDP per capita at PPP, the country is ranked sixth in the world and the ninth in the world for nominal GDP per capita.
United States have around 724 billionaires in the country. The top billionaires of the country are,
Jeff Bezos with a net worth of USD 177 billion. His main source of wealth is through Amazon.
Elon Musk with a net worth of USD 151 billion. The main source of wealth is through Tesla and SPACEX.
Bill Gates with a net worth of USD 124 billion. His main source of wealth is through Microsoft.
China
China is a country which is located in the Asian continent. The official name of China is People’s Republic of China. China has a population of around 1.4 billion and it ranks 1st in the world for the most populated country. China is also world’s 3rd or 4th largest country by area.
In terms of nominal GDP since 2010 China has the world’s second largest economy. According to World Bank in terms of Purchasing Power Parity GDP China’s economy has been the world’s largest since 2014. The nominal GDP of the country is around USD 13.5 trillion.
China has around 626 billionaires in the country. The top billionaires of China are,
Zhong Shanshan with a net worth of USD 68.9 billion. His main source of wealth is through Nongfu Spring. Nongfu Spring is a Chinese bottled water and beverage company.
Nongfu Spring Products
Ma Huateng with a net worth of USD 65.8 billion. His main source of wealth is through Tencent.
Colin Zheng Huang with a net worth of USD 55.3 billion. His main source of wealth is through Pinduoduo. Pinduoduo Inc. is an agriculture-focused technology platform in China.
India
India is also a country which is located in the Asian continent. India is officially known as Republic of India. India ranks second in the most populated country around the world and India is considered to be the most populated democratic country in the world. In terms of land area, India is the seventh largest country in the world.
The Indian economy in 2019 was worth USD 2.9 trillion nominally according to International Monetary Fund. India is the fifth largest economy by market exchange rates with around USD 11 trillion. India is one of the world’s fastest growing economies.
Shiv Nadar with a net worth of USD 20.4 billion. His main source of wealth if through HCL technologies.
Germany
Germany is a country which is located in the European Continent. It is officially known as Federal Republic of Germany. The population of the country is around 83 million and 357,022 square kilometers, it is the area which is covered by the country. Germany ranks second in the most populated country in the European continent.
Germany’s economy is a social market economy. Germany is considered to have a very low level corruption, high level of innovation and high skilled labourers. Germany ranks third in the world for exporting of goods. The country ranks 1st European continent for the largest economies and ranks fourth across the globe for the largest economies.
Germany has around 136 billionaires in the country. The top billionaires of Germany are,
Beate Heister & Karl Albrecht Jr with a net worth of USD 36.1 billion. Their source of wealth is through their family operated discount supermarket chain Aldi Sud.
The largest Aldi sud supermarket located in the world opens in the German Ruhr area
Dieter Schwarz with a net worth of USD 22.6 billion. The main source of wealth is through multinational retail grocery shops Schwarz Gruppe.
Susanne Klatten is the BMW heiress with a net worth of USD 21 billion. The main source of wealth is through BMW, Atlanta Nordex and SGL Carbon.
Russia
Russia is a country which is located in the European continent and is also known as Russian Federation. In terms of land area, Russia ranks 1 among the world’s largest countries. The land area Russia covers is around 17, 125, 191 square kilometers. The population of Russia is around 146.2 million which makes it the most populated country in Europe and the country ranks 9th in the most populated countries around the world.
Russia has an economy which is a transition of upper-middle income. The country is considered to have enormous amount natural resources. Their natural resources include oil and gas. Russia ranks 6th in the world in terms of largest economies by PPP GDP and ranks 7th in the world in terms of largest economy by nominal GDP. Russia’s GDP per capita by PPP is around USD 29, 485 as of 2021, according to International Monetary Fund.
Russia has around 117 billionaires in the country. The top billionaires of Russia are,
Alexey Mordashov and family have a net worth of USD 29.1 billion. Mordashov has the majority shareholding in the steel company Severstal.
Vladimir Potanin with a net worth of USD 27 billion. His main source of wealth is through metals.
Vladimir Lisin with a net worth of USD 26.2 billion. The main source of wealth is through steel and transport.
Hong Kong is a country that is situated in the Asian Continent. It is one of the countries which has a very high population around the world and a economy that is capitalist mixed service. The country has a very minimal intervention in the market by the government, low taxation and an international financial market that is well established.
Hong Kong has a nominal GDP of USD 373 billion which makes its economy 35th largest in the world. Hong Kong has around 71 billionaires in the country. The top billionaires of Hong Kong are,
Li Ka-shing with a net worth of USD 35.4 billion.
Lee Shau Kee has a net worth of USD 30.5 billion.
Henry Cheng and family with a net worth of USD 22.1 billion.
Brazil
Brazil is known as the Federative Republic of Brazil. In both Latin America and South America, Brazil is the largest country. The country also has the largest economy in Latin America and has the 7thlargest economy in the world.
Brazil has around 65 billionaires in the country. The top billionaires are,
Jorge Paulo Lemann with a net worth of USD 16.9 billion.
Eduardo Saverin with a net worth of USD 14.6 billion.
Marcel Herrmann with a net worth of USD 11.5 billion.
Canada
Canada is a country which is located in North America. It is the second largest country in the world. Canada has the 10th largest economy in the world. USD 1.73 trillion is the approximate value of the nominal GDP of Canada.
Canada has around 64 billionaires in the country. The top billionaires are,
David Thomson and family with a net worth of USD 41.8 billion.
Joseph Tsai with a net worth of USD 11.6 billion.
Tobi Lutke with a net worth of USD 9.8 billion.
United Kingdom
United Kingdom is a country that is located in the European continent. The country’s economy is a partially regulated market. In Europe, UK is the second largest economy after Germany and around the world UK has the 5thlargest economy.
UK has around 56 billionaires. The top billionaires are,
James Ratcliffe with a net worth of USD 17 billion.
Hinduja Brother with a net worth of USD 14.9 billion.
Michael Platt with a net worth of USD 13 billion.
Italy
Italy is a country which is located in the European continent. The economy of Italy is an advanced capitalist mixed economy. In the Eurozone, Italy has the third largest economy and worldwide it has the 8thlargest economy. The country is considered as the most industrialized nation.
Italy has around 51 billionaires in the country. The top billionaires are,
Giovanni Ferrero and family with a net worth of USD 25.2 billion.
Leonardo Del Vecchio and family with a net worth of USD 17.9 billion.
Stefano Pessina with a net worth of USD 13.4 billion.
Japan
Japan is an Island country which is located in the Asian continent. Japan is the 11th most populated country in the world. In terms of nominal GDP after United States and China, Japan has the 3rdlargest national economy.
Japan has around 49 billionaires in the country. The top billionaires are,
Tadashi Yanai with a net worth of USD 48.7 billion.
Masayoshi Son with a net worth of USD 34.9 billion.
Takemitsu Takizaki with a net worth of USD 32 billion.
Taiwan
Taiwan that is officially known as Republic of China is a country in the Asian continent. The country has been called Taiwan Miracle because of its quick industrialization and rapid growth. This was mainly during the latter half of the 20th century.
Taiwan has 47 billionaires in the country. The top billionaires are,
Wei Ing-chou who has a net worth of USD 7.2 billion.
Ying-Chiao who has a net worth of USD 7.2 billion.
Australia is officially known as the Commonwealth of Australia. It is a sovereign country located in the Australian continent. The 6thlargest country around the world is Australia. It is considered to be a wealthy country with a very low rate of poverty and high GDP per capita.
Australia has 44 billionaires in the country. The top billionaires are,
Gina Rinehart with a net worth of USD 14.8 billion.
Harry Triguboff with a net worth of USD 9 billion.
Anthony Pratt with a net worth of USD 6.8 billion.
South Korea
South Korea is officially known as the Republic of Korea. It is a country which is located in the east of the Asian continent. South Korea’s economy is a mixed economy and in terms of the nominal GDP South Korea ranks 10th around the world. It has a high-income economy which makes it a developed country.
South Korea has 43 billionaires in the country. The top billionaires are,
Jay Y Lee who has a net worth of USD 11.2 billion.
Kim Beom-SU who has a net worth of USD 7.6 billion.
Seo Jung-Jin who has a net worth of USD 7.4 billion.
France
France is known as French Republic. It is a country which is located in the European continent. In terms of PPP GDP France is ranked as the 10th largest in the world and is ranked 2ndlargest in the European Union in terms of PPP GDP. France’s economy is a diverse economy with a domination towards the service sector.
France has around 42 billionaires in the country. The top billionaires are,
Bernard Arnault with a net worth of USD 76 billion.
Francoise Betterncourt with a net worth of USD 49.3 billion.
Francois Pinault with a net worth of USD 29.7 billion.
Sweden
Sweden is officially known as the kingdom of Sweden. It is a country which is located in the European Continent. In terms of GDP, It is the 16th richest country in the world. A high standard of living is experienced by the citizens of Sweden.
Sweden has around 41 billionaires in the country. The top billionaires are
Stefan Persson with a net worth of USD 15.6 billion.
Hans Rausing and family with a net worth of USD 12 billion.
Jorn Rausing has a net worth of USD 8.7 billion.
Switzerland
Switzerland is officially known as Swiss Confederation. It is a country that is located in the European continent. Switzerland has lands in all the four sides of their border and hence called as landlocked country. Switzerland has a high-tech economy which is stable and prosperous. It has been ranked as one of the least corrupted countries around the world.
Switzerland has around 40 billionaires in the country. The top billionaires are,
Gianluigi and Rafaela Aponte with a net worth of USD 10.7 billion.
Guillaume Pousaz with a net worth of USD 9 billion.
Ernesto Bertarelli with a net worth of USD 8.6 billion.
Thailand
Thailand is officially known as the Kingdom of Thailand and was formerly known as Siam. The country is located in the Asian continent. Thailand is considered to be a newly industrialized country and is an emerging economy.
Thailand has 31 billionaires in the country. The top billionaires are,
Dhanin Chearavanont with a net worth of USD 18.1 billion.
Charoen Sirivadhanabhakdi with a net worth of USD 13.5 billion.
Sarath Ratanavadi with a net worth of USD 8.9 billion.
Spain
Spain is known as the Kingdom of Spain. The country is located in Europe. Spain has a capitalist mixed economy. They have the 14th largest economy around the world and 4th largest in the European Union.
Spain has 30 billionaires in the country. The top billionaires are
Amancio Ortega with a net worth of USD 81 billion.
Sandra Ortega Mera has a net worth of USD 6.7 billion.
Singapore is known as the Republic of Singapore. The country is located in the Asian continent. Singapore has a highly developed economy. The Singaporean economy is considered to be business friendly, innovative, dynamic and a free economy.
Singapore has around 27 billionaires in the country. The top billionaires are
Zhang Yongwith a net worth of USD 23 billion.
Goh Cheng Liang with a net worth of USD 21.7 billion.
Li Xiting has a net worth of USD 21.5 billion.
Turkey
Turkey is known as the republic of Turkey. The country is located in the European continent. Turkey is considered to have an economy that is upper middle-income. The country is considered as a newly industrialized country. Turkey is 20th largest around the globe in terms of nominal GDP.
Turkey also has around 27 billionaires in the country. The top billionaires are,
Erman ılıcak with a net worth of USD 3.8 billion.
Murat Ülker with a net worth of USD 3.7 billion.
Hüsnü özyeğin with a net worth of USD 2.1 billion.
FAQ
How many Trillionaires are there?
As of today, there are no trillionaires who live on earth.
Who is the wealthiest family in the world?
Walton Family – Walmart is the wealthiest family in the world with a Estimated net worth of $215 billion.
Is Kylie Jenner a billionaire?
Kylie Jenner, 23, was the youngest billionaire, but did not make the cut this year. In 2019, she was controversially named the youngest self-made billionaire in 2019.
Conclusion
These are the list of the top Countries with the most number of billionaires. Some of the other countries with the most number of billionaires are Israel with 17, Indonesia and Philippines with 15, Mexico, Norway and Malaysia with 12, Netherlands with 11, Austria and Ireland with 9, Czech Republic and Denmark with 8 and so on.
Alibaba Group was founded on 28 June 1999. It is known as Alibaba Group Holding Limited and also as Alibaba.com. It is a multi-national company which is based in Zhejiang, China. Alibaba group specializes in e-commerce, technology, retail, and the internet.
Alibaba is one of the world’s largest e-commerce and retail companies. It was also rated as the fifth largest Artificial Intelligence company in the world in 2020. Jack Ma is the founder of the company. The company has around 117,000 employees as of 31 March 2020.
The company’s name was derived from the character Alibaba from the middle-eastern story, One thousand and one nights. The name signifies that the company is Universal.
The company is considered one of the 10 most valuable corporations. Alibaba group is named as the world’s 31st largest public limited company according to the Forbes 2000 2020 list. As of 2020, the company has the sixth-highest global brand valuation. The company owns and operates different organizations in different business sectors across the globe.
Alibaba group has been facing certain legal actions from the Chinese government. The company is being criticized and the company is asked to pay around $1 billion as a fine to the regulators. Let’s look at the reason behind it.
Alibaba Group has already faced legal actions in the past. Alibaba Group had forced their e-commerce sellers to pick any one platform. They have stopped their merchants to list themselves on other platforms which are against the rule of the Chinese Government.
Alibaba is said to have alleged the anti-competitive practices by the 2008 antimonopoly law. It is said that the company had acquired its competitors without getting approvals from the government. The company had declared themselves that the acquired companies were not their competitors.
In addition to this Alibaba group’s founder, Jack Ma’s business empire is being investigated by the Chinese Government as he had spoken against the Chinese regulatory system in October 2020.
Jack Ma said that good inventions will be able to exist with regulations but they wouldn’t exist with old-fashioned regulations. He gave an example saying that one cannot manage an airport the same way they manage a train station. He told that in the same way, we won’t be able to manage our future the way we manage the past. This was a statement made for the regulations laid down by the Chinese Government.
He also spoke about the financial system of China saying that they should develop and depend more on credit system development. He said that they should move away from the pawnshop mentality within the financial industry.
China’s state administration has asked Alibaba group to pay an amount of $1.3 billion. The fine was implied for breaking the 2008 anti-monopoly law. This is the maximum fine collected under the law.
The Alibaba Group was fined for investing an amount of $692 million in Intime during the year 2014 and for bidding an amount of $2.6 billion in 2017 for privatizing Intime.
This will be the highest fine ever paid by a corporate in the history of China. Alibaba group has also been asked to cancel its association with the company’s founder Jack Ma. The regulators have told that if they fail to disassociate with their founder the company will have to face actions.
They will have to pay the fine only if they don’t follow the rules of the Chinese government. Also do not end the policy where they force the merchants to sell only on their platform. The company is also been asked to withdraw its investments from some businesses. The regulators want the company to remove non-core businesses from its core retail operations.
Ant Financials which is a subsidiary of Alibaba group has been claimed as a risk for the Chinese Financial system. The company was asked to undergo certain changes which are said to affect their business model.
Alibaba Group had to temporarily stop the IPO plans of Ant financials due to the allegations. The authorities of Beijing stopped the IPO issue of Ant financials which was supposed to be for $37 billion.
FAQ
How much does Jack Ma earn per second?
Jack Ma earns $0.32 per second and $1,141.55 per hour.
What percent of Alibaba does Jack Ma own?
Jack Ma owns 8% of Alibaba group.
Who is the richest person in China?
Jack Ma is the richest person in China with a net worth of 48.2 billion as of July, 2020.
Conclusion
Mr. Ye Han, a partner at Beijing-based law firm Merits & Tree told that the message was clear. The companies are supposed to seek approvals from the government for such deals in the country. He is a person who has a specialization in anti-trust, mergers, and acquisitions.
Alibaba Group has said that they would actively corporate with the regulators regarding the case and their business operations would remain normal during that time.
The regulators took strict actions against the company after the founder Jack Ma’s speech during the Bund Summit in October. He spoke about the countries strict regulations and the over dominance over the banking industry. This has led the Chinese regulators to take strict actions against the company.
The government of India brought in a lot of changes in the FDI norms. This was done keeping in mind the nation’s condition amidst the global pandemic. The main aim was to prevent foreign companies from opportunistic take overs of Indian firms.
The recent investments made their point on curbing Chinese investments in Indian Firms. As per the new FDI norm any country that shares a land border with India will no longer be able to use the automatic route in the FDI. The companies who would like to invest must seek government’s clearance over any investment proposal.
The changes were brought in late April earlier this year. The main aim was to stop Chinese Investors from their predatory behavior. These rules would be applied on countries such as Bhutan, Pakistan, Nepal, Myanmar, Afghanistan. But there is a very small flow of investments from these countries. So, this is evident that the norms are to keep an eye on China for any signs of exploitative behavior.
All this was not done on any sudden decision. The reason behind all this is form the year 2015. Since 2015 China has increased its investment in India. This looks like a very strategic move. According to a report by the DPIIT, Department for Promotion of Industry and Internal Trade. The total amount of FDI that has flown from China to India is around $1.8 Billion. All this within a 2015-2019. In the year 2015 itself there was an investment of total $494.75 million.
The industry that has particularly caught the eye of the Chinese investor is the Indian Automobile Industry. Between the same period that is from 2015-2019. The automobile Industry has seen a total investment of $876.30 million. The electrical equipment manufacturing along with the book printing sectors have also seen a hug inflow. All this FDI flow confirms the foothold of Chinese investors in the nation.
Yearly FDI Inflows (in USD Million)
The companies that would be affected the most would be the companies like BigBasket, Paytm and Ola. These companies are just collateral damages of the governments new rules to protect minor companies. The online Grocery vendor Gofers along with the digital payment app and OLA have received millions of dollars as investment from Chinese Investors.
The new norms would effect the fresh funds that were supposed to role in.
“The new FDI guidelines essentially imply Chinese capital would require prior government approval. In effect, given the uncertainty around approval, startups will shy away from Chinese capital. In the immediate future, this could impact PhonePe and potentially Paytm at a later date,” said Ashneer Grover, CEO and co-founder, BharatPe
According to a report by the Think Tank Gateway House a total of $4 Billion has been invested in Indian startups by the Chinese tech investors. Another report said that 18 of India’s 30 Unicorn Startups are funded by Chinese Investors.
BigBasket the online grocery store got a $50 million funding from Alibaba. This investment rolled in when the company was facing its own share of problems in the lockdown. But these new FDI norms would hit the company. BigBasket would face troubles for its capital infusions with Alibaba. BigBasket would now have to search other places to reach its requirements on the basis of investments.
Paytm raised a huge sum of $1 Billion from the Soft Bank in Japan and from Ant Financial from Alibaba. Paytm faces tough competition from Google and PhonePe(owned by Walmart). To fight these competitors Paytm has to be always on the edge of innovation . But the company would face a major fallback after the new norms. Alibaba is the largest share holder in the company. This would indeed affect the digital payments platform.
Alibaba’s Ant Financial has been an investor in Zomato since the year 2018. Ant Financial invested $210 million in the food delivery app. It go a stake of 14.7%. By this Ant Financial became the company’s Largest investor. This stake was raised to 23%. According to news reports this was going to be increased earlier this year. But between that the Indian government revised its FDI norms.
18 of the 30 Unicorn Startups who are funded by Chinese Investors would face a lot of troubles. The move of making changes in the FDI norms is to hurt the Chinese Investors. But this would hurt the unicorn startups. This move has put many jobs on risk.
The make in India campaign focuses on sectors like oil and gas, railways, electronic systems,ports and shipping, renewable energy, roads and highways. Space, textile and garments, thermal power, tourism and hospitality and wellness.
Mr. Narendra Modi, Prime Minister of India, said
“I want to tell the people of the whole world: Come, make in India. Come and manufacture in India. Go and sell in any country of the world, but manufacture here. We have skill, talent, discipline and the desire to do something. We want to give the world an opportunity that come make in India,”
PROS of Make in India Campaign
Campaign for the masses
The Prime Minister emphasized on the development of labour intensive manufacturing sector. This campaign is to generate a lot of employment opportunities in Manufacturing.This would help National Manufacturing Policy in achieving objectives through this campaign. The aim is to increase the GDP from current 15-16% to 25% till 2022. (Manufacturing sector)
The purchasing power of people will get increased through employment. This will help to eradicate poverty. This would also help in the expansion of consumer base for companies.
Growth of Factories over the Years
Model of the Make In India campaign
The model of the campaign is look east and link west policy . This will strengthen the industrial linkages with other countries. This would also help to build bilateral ties with many countries.The growth model is Export-Oriented. This will improve India’s Balance of Payments. This would also help in piling up foreign exchange reserves.
An auto response mechanism will be formulated by the government. The Government also has decided to resolve issues about procedural clearings. This will be done at different levels in a given time frame. This is a positive step towards an industrial friendly environment.
Foreign investment will not only bring foreign capital. It will also bring technical expertise and creative skills .
Fortifying the Rupee
The emergence of the manufacturing industries would help in converting India. The nation would then will be a hub. A place for the fabrication of various commercial products. This would lead to be a grand collection of the FDI. All this in return would help to strengthen the rupee. This would help against the domination of the American dollar.
Up-gradation of technology
India is an underdeveloped country. This means that we lack various latest, new age mechanization. Lack of new technology is a big hurdle in the path to development of the nation. But due to the campaign a lot of investors would be attracted to India. This would give India an opportunity to upgrade to the latest version of technology.
Availability of Youth
The young generation is often referred to as a unending fuel. Youth comprises of a major Indian population . This youth often moves outside the nation to study and make a future. India due to the lack of young labor misses out on all the innovative and creative points. Make in India can make this possible by keeping the youth in the nation. This would also give them ample opportunities.
When it comes to a theoretical perspective. It can be seen that the campaign tends to violate the theory of comparative advantage. India should import the products that cost more at production in state .
Is the world ready for a second China? This goes as per the point made by Dr. Raghuram Rajan. Government of India wishes to convert India into a second China. India but has no time advantage like China.
India to stop imports?
Make in India will lead India to focus only on export. This will lead India to make some changes in it’s export promotion measures. This can have a devastating effect on the import bill.India suffers from a countless number of companies that are called infrastructural bottleneck. To overcome this India has to invest a huge amount over a span of some years. Generating such a big amount is a a hard task.
Agricultural negligence
Agricultural sector will take the greatest blow due to this campaign. India has 61% cultivable land. This will happen due to the introduction of industrial sector. This introduction would lead to the negligence of Agriculture.
The Make in India campaign focuses on Manufacturing Industries. To set up these a lot of industries have to be build up. The manufacture of these requires a lot of natural resources be it fuel, water land. So a lot of new build ups would cause in depletion of these.
Loss of Small businesses
The Make in India welcomes foreign companies. To invest and manufacture in India. This act eases up the rules for foreign trade and investment. This act may seem very healthy when it comes to foreign relations. But this would cause domination over small businesses . This would force them out of business.
Recognition of Indian Products
The make in India campaign would help increase the brand value of Indian products. But this wont help the brand when it would come to the upper middle class. The upper middle class are the people who can actually afford all this. So making a mark in front of them would be a great task.
Make In India
Pollution
India is currently unable to do anything with the problems like Pollution. According to stats Pollution Index of India is 76.50. The Make in India is supposed to increase this further. The level of Pollution in India would rise to levels never seen. This would make the condition in India worse. So, Make in India can help India economically. But would have adverse effects ecologically.
Due to the ongoing military standoff at the Indo-China border, Chinese funded startups may face challenges in raising capital for their businesses. Chinese investors have found Indian startups valuable and deeply invested in top startups like Paytm, Zomato, BigBasket, and many more but soon these startups may face challenges in capital investments for their businesses due to the ongoing military standoff between two countries.
The military standoff may affect the Chinese invested startups in India and Chinese funded businesses, as per the reports Chinese investors have funded over 18 out of 30 unicorns in India which is roughly around $3.9 billion of investments in 2019.
Chinese investments in India
Businesses that already have Chinese investors deeply invested cannot afford to back out at this moment and will not, but early growth stage startups in India which are looking out and rely on foreign investments may find it difficult to find foreign capital investments for their startups.A startup founder said “While investments from china have slowed down, other avenues have open up from countries like the United States, UK, and the middle east”.
Foreign investors find investing in India attractive because India has an attractive risk-return trade off and India remains the second-fastest growing economy in the world.
The Department for Promotion of Industry and Internal Trade (DPIIT) through a Press Note No.3 of 2020, has announced that any of India’s neighboring countries will require the Indian Government approval in case of any FDI investments in India. Many have speculated that this move is aimed to restrain Chinese investments in India.
The companies that are going to be affected the most by the foreign direct investment (FDI) norms are Big basket, Ola and payments platform Paytm, these startups have so far received billions of dollars investments from Chinese companies.The FDI makes it compulsory for all the investors including Chinese direct and indirect investors to seek government approval before investing in Indian companies. This will create a hurdle for the Chinese investors such as Alibaba and Tencent who have invested billions in Indian startups.
“The new FDI guidelines essentially imply Chinese capital would require prior government approval. In effect, given the uncertainty around approval, startups will shy away from Chinese capital. In the immediate future, this could impact PhonePe and potentially Paytm at a later date,” said Ashneer Grover, CEO and co-founder, BharatPe.
lately Bigbasket was backed with a funding close to $50 million from Alibaba. The amount was funded to the company when it was struggling to meet the operations requirements due to restrictions imposed by the lockdown.
Top Chinese funded startups in India
According to the data gathered by Tracxn, C Chinese investors have backed unicorns like Byjus, Paytm, Ola, Oyo, Swiggy, Zomato, Dream11, and Udaan, while some investors have also invested in soonicorns (a term used for potential unicorns) such as Practo, ShareChat, Meesho, and CarDekho.
Top Chinese funded startups
The new FDI guidelines is going to affect the current investments as well as the investments by neighboring countries who are interested in investing in Indian startups.
In this time of pandemic, China is pushing borders against India and other neighboring countries.China has a powerful and bigger weapon and that is Economy and that is why China is getting political. China is using its economy to dominate our neighbouring countries and thus it is becoming a superpower.
It is the worst time for India to go on a war as our economy is down and this war couldn’t be won by money as China has its allies around us. It is helping our neighbouring countries in infrastructure and other projects but if no one uses them, it becomes difficult for these countries to pay back China. China also overstates his own bills and there comes China again and asks to handle the operations and takes control over these infrastructures so that it can use these bases as military base in times of war and be prepared. In case, the war is held, it will be from all the sides as we are surrounded by China’s allies. China has a military base in Africa and it is using it to threaten U.S. However, India is taking serious precautions to make China realise that it will impact their economy as well.
Although this is not for the first time as the supporting stand of China towards Pakistan pot URI attack also led to a campaign to boycott Chinese products in India. However, this time, many social media influencers are coming up with several reasons to boycott Chinese products to spread awareness among Indian citizens. I would like to share some YouTube links which are helpful to understand the agenda of China for using Economy as a weapon against India:- SonamWangchuk
Baba Ramdev
These videos will also help in understanding the reasons to boycott Chinese products. There are many alternatives available for the Chinese apps and if we start using these alternative apps instead of the Chinese apps, it will affect the economy of China. As India is the biggest importer of Chinese goods and trade deficit of India with China is one of the biggest between two trading partners. A boycott is only possible if we start using alternatives from other countries or we become self-reliance as our honorable Prime minister wanted to say and import substitution can be done. If we will be able to boycott Chinese products completely then China will be in a situation where he will need to think twice before waging a war against any neighbouring countries. Our country now needs to manufacture products which are ‘Made in India’ but are ‘Made for the world’.
Here are some examples, how Indians are totally depend on Chinese apps and using them continuously and on daily basis and these apps are the reason behind the growth of Chinese Economy:
According to facts provided by some news and personals, China is using the data from the Chinese invested apps and Chinese apps to gain information and also some information have been hacked by China through these apps as well.Recently a person from Vadodara Twitter account was hacked and the access point were seen as China. He stated that his account was synced with Pubg mobile and that might be the reason of hacking. China is a stakeholder in the company Tencent which has developed Pubg. Now this becomes more important to boycott these Chinese apps, to protect your data and information and also in order to support India so that China’s biggest weapon can be used against them.
India is also trying their best to deal with China and make them taste their own medicine. They have reviewed the FDI so that Indian can’t Chinese puppet like our neighbouring countries. We are late but we are not in China’s trap and we have learnt the truth about China’s economy.
Vocal For Local campaign
Prime Minister Modi in his address to the nation on May 12, 2020 launched a ‘VOCAL FOR LOCAL‘ campaign. He urged the citizens of India to buy and promote local goods and brands. The Prime Minister further said that global brands were once local but when people started supporting them they went global.
It is known that India and China are the two fastest growing economies in the world and India is the largest importer of Chinese goods and services in the world.
The trade deficit between India and China is the largest among the major trading partners. It is interesting to note that India imports about seven times more from China than it exports. India imports more than $ 50 billion worth of goods from China and exports $ 2.5 billion worth of goods to China.
It is a known fact that Chinese products are very cheap compared to their Indian counterparts. In addition, the Chinese government also provides subsidies to its exporters. India spends around 9% on transportation, energy etc., but this cost is nil by the import duty imposed on China by India. To avoid import duties, many Chinese companies use trans-shipment routes — sending goods to Bhutan and then India.
Globalization has spread its roots so deep in our lives and the supply chain is so interconnected, the productions process is so complex that it is difficult to isolate one country and boycott it’s goods completely but as Mr. Sonam Wangchuk mentioned, systematic and phased boycott is possible. We can starts from stop using the Chinese software in a week and hardware in a year. We need to constantly make efforts to ease the business environment in India and bring out labour reforms and look for less expensive alternatives which will take time but it is the time to make some uncommon decisions that will impact our lives and will help Indian Economy and will impact Chinese Economy as well.
The Confederation of All-India Traders (CAIT)
CAIT
A traders’ organization, on Sunday expressed solidarity with the Ladakh-based educational reformer and visionary Sonam Wangchuk’s appeal to boycott Chinese goods. Tension between India and China, the man who inspired Bollywood blockbuster “3 Idiots”, has appealed and asked Indians to boycott all Chinese companies. In a tweet, the engineer-turned-education reformer asked people to boycott all Chinese products in Ladakh to stop Beijing’s “bullying” and to free 1.4 billion bonded labourers in the country.
CAIT, which claims to represent seven crore merchants, said it had identified around 3,000 categories of heavily imported Chinese products “which should be immediately replaced by Indian products as good quality for such products Indian replacements are available “
CAN INDIA REALLY BOYCOTT CHINESE PRODUCTS
India imports many raw materials as well as finished products like steel, minerals etc. from China. When it comes to boycott imports from China, this can only be done in the case of finished goods but the import of raw materials from China cannot be stopped.
India also imports consumer durable like electrical appliances, mobile phones, cars etc. Medicinal drugs like leprosy, antibiotics etc. from China. In addition, the Chinese smartphone market accounts for $ 8 billion of India’s smartphone market (Lenovo, Oppo, Vivo, etc.). If India planned to boycott Chinese products, India’s GDP would fall drastically.
After the launch of ‘Make in India‘ campaign by Prime Minister Modi, many Chinese companies have set up their units in India, employing hundreds of thousands of workers in India. If India boycott Chinese products, these companies may face pressure from Chinese authorities to stop their production in India, leaving hundreds of workers unemployed.
As mentioned above, India imports about seven times more from China than its exports. If India plans to boycott Chinese products than find an alternative that can match the cost and availability is almost impossible. Thus, India’s GDP can be contracted.
5- It is interesting to note that almost every product we use has a little bit of China. Smartphones, laptops, air conditioners, etc. which we use in our daily life, some parts are manufactured in China.
We must understand that the present process of manufacturing is interlinked. For example, a phone is made with the help of Chinese laborers and land, investment from a different country says that the US has made an innovation from Japan and can end the Made in India apps. Every product has the same process when it comes to labor, investment, innovation, etc. Thus, it can be concluded that each nation cannot be separated nor its good can be boycotted.
Many countries in the world started boycotting products from various countries, but were unsuccessful due to the complex manufacturing process. Some of them are listed below:
1- In 1930, China tried to boycott all Japanese products to protest against the Japanese colony, but failed.
2- In 2003, the US attempted to boycott French goods after 9/11 in protest of France’s refusal to send troops to Iraq but then failed.
SO IS THERE ANY ALTERNATIVE?
Sonam Wangchuk
Recently, Sonam Wangchuk answered several questions on the boycott of Chinese products. He said that the customer is king. This means that consumers should stop using Chinese products. He chanted a boycott of China’s software in a week, hardware in a year, finished and non-essential products in a year, and systemic boycott of essential products, raw materials, etc. in the coming years.
We can also implement the import-substitution method in India to boycott Chinese products. This means that the products we import from China can be manufactured in India, but in the short term this is impossible.
The Indian government should reduce the rates at which loans are issued to Indian companies like China. In addition, the government should provide infrastructure, services, etc. to prepare Indian companies to compete with China. India may boycott Made in China products but in a systematic and planned manner as stated by Sonam Wangchuk.
Alan Joseph
