BUSINESS LEADERS BOW TO XI AS PARTY PUSHES IN

BEIJING: Chinese billionaires are boasting about their Marxist bonafides. The Communist Party is tightening its grip on state- owned companies. And foreign companies are being asked to invite party cells into their offices.

the country’s ruling party is expanding its reach in private enterprise and even laying out a plan for the government to take stakes in high- profile tech and

With a stronger mandate after receiving a second term as Xi plans to deepen its control in “all areas of endeavour in every leaders in a three- and- a- half

new document on entrepreneurship calling in part to strengthen teaching of “socialist -

It is a significant change for fraught relationship with the

Since kicking off economic - jing has allowed private enterprises a free rein in many its grip on the state- owned sec industries such as steel and

“Key technology used to be controlled by state- owned companies and the party focused on technology consultancy Mar

But “as private enterprise has grown stronger and become there is greater desire by the

‘ Never been so proud’

on board as the state has taken a bigger role in picking winners and a harder line against those perceived to be defying the

entertainment conglomerate - mense pressure from regulators over the build up of debt at

was overwhelmed by emo

The sentiment was echoed by other titans of industry like Jack the party will unite the people

To celebrate Xi’s address game for the masses to applaud the nation’s president which

The app’s release followed a report in the Wall Street Journal to take a one percent stake and gain a board seat at the com

More control over SOEs

The party has already moved to strengthen control at state of publicly traded companies in Hong Kong rewriting their business charters this year to

Guangzhou Automobile Group - partnership with foreign automak

- decisions are now made after first consulting the company’s

“When the board appoints committee will deliberate and give opinions and suggestions

comment on how it voted on

A spokeswoman for Guangzhou Automobile Group said the changes were made to “meet and in accordance with busi

“The resolution was approved at a shareholder meeting showing the majority of the company’s shareholders support the resolu

Expansion in foreign companies

The party has also expanded its

Of the more than one hundred thousand foreign- funded had set up party organisations

Foreign executives view these organisations within their firms as “a positive force for company

Some of the largest foreign Mary Kay and Walmart have

Analysts say these organisations within multinationals are increas varying from the mundane like screening party videos to the helpful like communicating nationally

want to weigh in on strategic

This summer the European - born told a meeting there have not yet been any demands to allow party cells to participate

- cerning for attracting foreign