Earlier a report said US could impose a travel ban that could potentially affect more than 90 million people from China
China’s top businessmen and entrepreneurs, including Alibaba (BABA) founder Jack Ma, could face serious consequences if the Trump administration decides to ban all members of Chinese Communist Party (CCP) from entering their nation.
Earlier a report said US could impose a travel ban that could potentially affect more than 90 million people from China.
Several wealthy businessmen from China, like Dalian Wanda Group founder Wang Jianlin and BYD founder Wang Chuanfu could be impacted from this ban as they all are members of the Communist Party.
While Wanda, owns the world’s biggest movie theater chain, AMC, Chuanfu-founded BYD is China’s leading e-car company.
“China’s rich and powerful are almost all party members,” Willy Lam, adjunct professor at the Center for China Studies at the Chinese University of Hong Kong, said, reported CNN.
A study published last year revealed more than half of 8,000 entrepreneurs surveyed said they were the members of the CCP.
Also, a ban like this this could create serious hurdles for Chinese businesses as many trade on the stock exchanges in the US.
Chinese foreign ministry on Thursday said such ban if implemented would be “pathetic”.
The relations between Beijing and Washington hit rock-bottom after they ended a long trade tussle, when US President Donald Trump blamed China for the coronavirus outbreak.
Hong Kong security law and issue of Chinese telecom giant Huawei also severely affected the ties of the US and China.