Skip to main content

The Chinese Communist Party celebrated its 100th anniversary last week. For our purposes today, that is notable for three reasons. First, the centenary was rather widely reported and commented upon. Second, it delayed by one day Chinese regulators coming down upon Chinese ridesharing behemoth Didi Global for its ill-advised decision to ignore those regulators’ advice like the treads of a tank approaching Tiananmen Square by one day, so as not to spoil the fun. The third reason is the second word in the name of the ruling regime, which is to say, “Communist.” Now, it is fair to question just how communist the Chinese Communist Party is. After all, this is a story about a private company in a self-proclaimed communist country listing its shares on the New York Stock Exchange, which is something that it is hard to imagine Mao or Stalin or Fidel Castro or Ho Chi Minh allowing, let alone encouraging. Still, China is at the very least (and maybe no more) a nominally communist country, and communism is at least in some sense, or anyway historically, defined in opposition to capitalism. This fact appears to have eluded the onetime spokesman for the United States government, who had this to say about the whole Didi kerfuffle:

“The bottom line here is they did not want Didi to go IPO. The regulators asked for a delay. That is an absolute no-no in a place like China. The minute they disobeyed ... then all of the repression of China comes to roost,” [Anthony] Scaramucci said…. “But I’ve got to tell you, we’ve got to give a big pushback to what’s going on because it’s an assault on capitalism. It’s nationalism related to the central control of data and it’s sort of everything that disavows the spirit of what goes on in a capitalist society.”

In fairness to Scaramucci, he has acknowledged that politics isn't his strong suit.

Scaramucci says China’s Didi crackdown an assault on capitalism, ‘form of political terrorism’ [CNBC]
Didi’s China Probe Adds to Business Challenges at Home and Abroad [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.

Related

mooch-russia

Get Ready For Ambassador Anthony Scaramucci

As the Mooch ponders a diplomatic life, here are some ideas as to where the Trump administration might send him.

the-mooch

Noted Political Mastermind Anthony Scaramucci Has Some Advice For Joe Biden

The gist of which is, be more like the guy who fired me after 10 days and who you just trounced in an election.

the-mooch

After Long Drought, Anthony Scaramucci Suddenly Inundated With Government Sinecures

The Mooch never stopped believing in President Trump, and now President Trump has come back around to believing in The Mooch.

mooch-a-rita

President Trump Probably Not Going To Screw Anthony Scaramucci Over Again

The puppy-like Mooch’s loyalty to MAGA may finally pay off.