Comrade! Bloomberg News Praises Communist Chinese ‘Venture Capitalists’

Worldwide, join the Chinese Communist Party (CCP), friends! Liberal outlet Bloomberg News recently praised local CCP officials for becoming great “venture capitalists,” especially through funding electric vehicle startups like Tesla rival Nio. 

Bloomberg News was so successful, that they even published the story. South China Morning PostAlibaba Group owns the company. It has close ties with China and published the information on their website, February 7. Bloomberg News Senior Reporter on China Economy Tom Hancock argued that “China’s newest class of venture capitalists” was none other than “Communist officials.” Hancock later demolished his argument by asserting that those same CCP officials were seeking to “win promotion from the ruling Communist Party.”

Hancock gave contradictory evidence for his claims that CCP officials are good capitalists, too: “The municipal government of Hefei, a city in eastern China, pledged 5 billion yuan ($787 million) to acquire a 17% stake in Nio’s core business.” 

But wait, there’s more. 

Hancock added, “It might look like the kind of power grab some observers see as characteristic of President Xi Jinping’s China: an assertive state enforcing an ever-growing list of dictates on innovative private companies that are destined to discourage entrepreneurship. But the story didn’t play out that way.” [Emphasis added].

Hancock then arrived at an absurd conclusion: Nio was a successful investment for Hefei, therefore the “Hefei model” of government intrusion into private business should be taken seriously, and CCP officials should be understood more like “private investor[s] in London or New York.”

This argument might make more sense if CCP officials could be considered private citizens. But they aren’t. Investing alone won’t change that.

Hancock then weakened his argument further.

“China’s local governments control land sales, receive profits from state-owned companies, and have close ties with state-owned banks.” He continued, “That’s helped local officials, largely judged on the basis of economic performance, to win promotion from the ruling Communist Party.”

National Public Radio A bombshell April 2020 report that said Bloomberg NewsA CCP reporter hampered an investigation of elites in the CCP. 

NPR stated that Bloomberg NewsLeadership fired a reporter after threatening his family financially with ruin if they did not kill the story. Bloomberg News founding Editor-in-Chief Matthew Winkler’s purported the following for why the story was too great a risk: 

“It is for sure going to, you know, invite the Communist Party to, you know, completely shut us down and kick us out of the country … So, I just don’t see that as a story that is justified … It’s possible to make use of the information that you already have, without causing harm to ourselves or destroying everything we tried to build.,” [emphasis added].
 

Conservatives under threat Get in touch with Bloomberg News letters@bloomberg.net and demand the outlet stop writing propaganda favorable to the Chinese Communist Party.