The Obsession With The Ant Financial Shows
The consequence is that its parent company has evolved to become one of the world’s largest financial companies—an estimated valuation of more than $200 billion, greater than Goldman Sachs. Very soon, Ant will experience an initial public offering ( IPO) on the Shanghai and Hong Kong Stock Exchanges. An estimated $30 billion is widely expected to be the biggest IPO in history. In the U.S., several Wall Street firms are racing to be part of it.
But they’re not all happy. We live in an era where something popular on a global scale in China. Itis subjected in the United States to a spree of paranoia, fearmongering and vindictive policies. The immense achievement of Ant Financial has drawn the spleen of Washington’s finest since weaponising McCarthyist politics to strike Huawei, TikTok and others.
First, in U.S. media outlets, an anonymous article appeared suggesting that the White House could sanction Ant to disrupt his IPO. The report was speculative and did not validate the strategy. But there was a plan for the individual who leaked it.
Second, U.S. Florida Senator Marco Rubio, a famous Chinese hawk, called on the White House to find a way to postpone the bid.
What is the reasoning behind the argument why the United States should take action against it?
Not surprisingly, it’s the same old propaganda that the organisation somehow poses a threat to U.S. national security, without proof provided as usual.
Once again, the mass media in the West is glad to express these narratives at face value. Reuters reports on Rubio’s comments claimed that there were “fears” and “concerns” that Ant would “steal American financial data.” And that these remarks were, of course, genuine than pointing out the apparent political opportunism behind them.
The Main Issue Behind China Policy
It is not logic, justification or strategy that drives such a policy and outlook towards China. But spite, pettiness and a childlike attitude. Instead of deriving to Beijing, a measured and balanced approach. The broader U.S. doctrine is to attack something that makes America’s successes or position “feel small” in the world. It is trying to pound it into submission to maintain the capabilities of America. Trump’s outlook is flavoured by this attitude in which he openly tries to position himself as more extensive, healthier and more successful than anyone—continually seeking to treat rivals contemptuously and behave like a bully.
The only issue is that it is a Chinese organisation and that it is competitive on a global scale: nothing more, no less. Based on spitting on China’s success, the White House wants to rain on its parade and spoil its IPO. The fallout from any change would trigger harm to global capital markets if they are naïve to take any meaningful action and would possibly reduce the U.S. dollar’s international standing.