Regn No.PN 4769 (Regd under The Trade Unions Act, 1926)
(Affiliated to Bharateeya Mazdoor Sangh)
BMS Office, Vishwakarma Bhavan, 185, Shaniwar Peth, Pune 411030
President: Prabir Kumar Mazumder Mob No: 9330337430 Prabir.majumdar@gmail.com Working President: Arvind Mittimani Mob No: 9868878667 arvindmittimani@gmail.com
General Secretary: Rajiv Kumar Sharma Mob No: 9811902770 rajivkumarsharma1558@gmail.com
Date: 14-10-2026
Shri. Sanjay Lohiya ji, Secretary, Department of Financial Services, Ministry of Finance, Govt of India, Jeevan Deep Bldg. New Delhi
Respected Sir, Re: Long pending issue of pension updation for LIC pensioners.
This is further to our letter dtd 05-06-2026. We would like to highlight the captioned issue in a nutshell though the following bullet points for your kind attention and necessary action.
- ✓Pension/family pension of retirees of LIC of India has not been revised ever since 1992. Pension was revised as on 01-08-1987 while notifying the pension rules in 1995. We had a detailed discussion with the FM Smt. Nirmala Sitharaman ji on 10-10-2024 in a delegation of Bharatiya Mazdoor Sangh (BMS) and thereafter we learnt through the then Secretary (DFS) Shri. M. Nagaraju that, Madam has given suitable instructions down the line.
- ✓But even after a lapse of 24 months, the pension updation issue remains unresolved.
- ✓Due to non-updation of pension for the last 39 years, an Executive Director retired prior to 1/8/1992 draws lesser pension than the Class IV employee retiring after 2022 wage revision. This is the greatest anomaly on the earth.
- ✓About 20,000 LIC pensioners have since died till date without seeing the updated pension during their retired life time.
- ✓RBI/NABARD/SIDBI pensioners have already got their pension updated till the latest wage revision of in-service employees.
- ✓Thanks to the present government for adding the pension updation in the CCS Pension (Rules), 2021, thus bringing this aspect under the Statutes.
- ✓Section 56 of LIC Employees’ Pension (Rules), 1995 expressly refers to CCS Pension (Rules) 1972 (now amended in 2021) for reference in respect of those matters not finding place in the LIC Employees’ Pension (Rules), 1995.
- ✓Pension updation and allied matters such as- one more pension option to left over employees Viz directly recruited engineers, ex-servicemen and resigned employees, additional pension to 80+ seniors, computing pension at 50% of last pay drawn, 50% of last pay as family pension up to 67 years of age in respect of deceased pensioners/employees, full pension for service of 20 years and above etc. are pending for approval by DFS.
- ✓Modi govt has accepted in principle the National Litigation Policy and Modi ji himself has averred that the govt should not become a compulsive litigant. We, NOIP (BMS) are not a party in court litigation.
- ✓We remember with gratitude, the Late FM Shri. Arun Jaitley ji who approved one more pension option to about 43,000 left over employees/retirees of insurance sector in 2019 and Smt. Nirmala Sitharaman ji for having increased the family pension from 15% to 30% of pay in 2023.
- ✓As on 31-03-2026, LIC has 62,971 pensioners and 25, 834 family pensioners, total 88, 805.
- ✓Pension Fund as on 31-03-2026 is, Rs. 1,35,846-56 Cr and total Interest earned & actuarial gain together on this pension fund is Rs. 10,852-51 Cr. It is a funded scheme and all the pensioners have foregone the Corporation’s share of contribution to PF and interest thereon.
- ✓Actual pension pay out as on 31-03-2024 (for the entire FY 2023-24) is Rs. 3302-58 Cr which is far less than the yearly interest earned shown above. For obvious reasons, LIC has denied to share the actual pay out as on 31-03-2026 (for FY 2025-26).
- ✓If the pension revision as on 1-8-2022 wage revision is accorded, total annual pay out after revision may be about Rs. 6000 Cr (subject to actual figures as per actuarial calculation). This is also quite less than the interest earned for the FY 2025-26.
- ✓LIC claims that if pension revision is approved, they may have to shell out more than Rs. One lakh crore. This is a misleading statement/figure. This is because of the pension payment method adopted by the LIC. For each retiree, LIC purchases a single premium immediate annuity policy from its own P&GS Dept, due to which one immediate lumpsum payment has to be done for the entire future liability of that retiree.
- ✓Looking to the very method of pension payment in LIC, amortization can be resorted to (subject to approval by IRDAI) say for10 years, as was done on earlier 2 occasions when one more pension option was given in 2019 and family pension was increased to 30% of pay in 2023.
- ✓Moreover, Pension Liability has been drastically reduced wef 1-4-2010, since NPS has been implemented in lieu of OPS to all the new recruits and also due to the demise of more than 20000 pensioners/family pensioners till date.
- ✓Certainly, LIC can manage the extra liability without affecting the policy holders’ moneys and without touching the govt exchequer.
In view of the above facts and as explained in one of our other letters enclosed here with giving justifications for each pending issue, we implore upon you to take immediate steps to update our pension as on 1-8-2022 wage revision either on OROP (one rank one pension) basis or at least on the RBI pattern of updation and oblige.
Expecting an early resolution of the issue, pending for decades.
With thanks and regards, Encl: As above
Yours Sincerely,
(Rajiv Kumar Sharm)
General Secretary
8 comments:
https://www.youtube.com/watch?v=Dt_a7T_s5hk
Xi Just STOLE ALL Money From China’s Rich Oct 13, 2026
China's rich used offshore trusts to shield billions from the Communist Party. Pan Shiyi, a billionaire developer, famously owned "nothing" on paper to protect his fortune. But Beijing has just unleashed a new tax law that targets these "lifeboats," threatening to claw back money moved years ago. Is this a broke government desperately seizing wealth, or something far more sinister?
0:00 China's Richest Man Owns Nothing
0:41 China Wants Their "Lifeboat" Money
1:36 Your Money Is Not Really Yours
2:45 China Took It All Before
5:08 Who Decides What Is Lawful?
6:30 How China Closes All Exits
7:37 The Law Works Backwards Now
10:38 Why China Is Grabbing Money
13:45 When Big Bosses Disappear
16:32 Fear Is The Real Punishment
18:31 The Old Deal Is Over Comments
@Koontah 21 hours ago The CCP isn't a government but a criminal syndicate with too many tentacles. @skylar1112 1 day ago
CCP is the cry baby of all governments. Can't take criticism of any kind. Let's see more of those"cutting edge" military weapons like the ones that defended Maduro.
@leapdrive 1 day ago Xi stole from the middle class until they’re poor, and then the rich. @kenhoang8326 1 day ago The rich Chinese realized the CCP own everything in China, the people don’t own anything 🤔🤥
Chapter 1: China's Richest Man Owns Nothing
0:000 secondsOne of the men who built modern Beijing, spent more than 20 years owning on paper almost nothing. His name is Poner Yi.
0:1010 secondsHis company built some of the most famous towers in China's capital. But if Beijing ever came looking for his shares, it had a problem. They weren't
0:1919 secondshis. He had given them to his wife. She had put them in a trust in the Cayman Islands. HSBC ran it. In 2018, he joked,
0:2828 seconds"I'm proletarian. A worker who owns nothing." It was funny because it was true. That trust was his lifeboat. Built
0:3636 secondsin China, parked where the Communist Party couldn't reach. This July, Beijing came for the lifeboats. With a new rule
Chapter 2: China Wants Their "Lifeboat" Money
0:4545 secondsfor offshore trusts, it taxes money the owner never received, and it reaches backwards into years when all of this was legal. I read the rules three times.
0:5555 secondsI thought I had it wrong. I didn't. And tax officers were already collecting before the rule was published. I assumed
1:041 minute, 4 secondsa reporter had the order backwards. CNBC had it right. The bill came first. The law came after. Chinese media have
1:131 minute, 13 secondsalready put Pon's family trust on a list of fortunes that can't escape. So, how does a man move his fortune offshore?
1:211 minute, 21 secondsMove his family to America. own nothing on paper and still end up on Beijing's list. Hi, I'm Ryan Kappa. Welcome back
1:311 minute, 31 secondsto Fall of Nations, where we follow the cracks before the collapse. I spent a week inside this rule, the tax notice,
Chapter 3: Your Money Is Not Really Yours
1:391 minute, 39 secondsthe lawyer's briefings, the panicked client memos. It's dry. It's written to be dry. But underneath the legal
1:471 minute, 47 secondslanguage, it says one thing. Nothing you own in China is really yours. And Pan's
1:541 minute, 54 secondsstory shows it better than any memo. Pan Sheri grew up in poor rural Gangoo, one
2:002 minutesof China's poorest provinces. He went on to build some of Beijing's most famous skyscrapers, curving glass towers, whole
2:092 minutes, 9 secondsbusiness districts. His company, Soho, China, put its name across the capital.
2:142 minutes, 14 secondsHe hired Zaha Hadid, one of the world's most famous architects, to design towers that looked like melting silver. He was
2:232 minutes, 23 secondsliving proof of a promise. When Mao died, China was desperately poor. So, Dong Xiaoping told the country, "Let
2:322 minutes, 32 secondssome people get rich first." Listen to that word, let not you have the right to get rich. Let's not freedom. That's
2:422 minutes, 42 secondspermission. and permission can be taken back. Pon knew what the party had done to rich before. In the 50s, it swallowed
Chapter 4: China Took It All Before
2:502 minutes, 50 secondsprivate businesses whole. Owners were humiliated, beaten, sent to the countryside. Their only crime was owning
2:592 minutes, 59 secondssomething. So, Pon got rich and he learned the rules nobody wrote down. Get rich, stay out of politics, never become
3:083 minutes, 8 secondsbigger than the party. For a while, he pushed his luck. He had millions of followers on Chinese social media and he
3:153 minutes, 15 secondsused them to complain about the choking smog over Beijing. Then in 2013, the party turned on outspoken online celebrities. Pon got noticeably quieter.
3:273 minutes, 27 secondsMing Tang, a property news site, called him cowed. He stayed polite. He stayed generous. In 2014, he and his wife
pledged $und00 million to send poor Chinese students to the world's top universities, Harvard and Yale among
3:433 minutes, 43 secondsthem. And quietly, years earlier, he had already built his way out. Pawn's gift to his wife happened in 2005. Cena
3:533 minutes, 53 secondsFinance reported the paperwork. The shares went to her, then into the Cayman Trust with HSBC as trustee. One of the
4:014 minutes, 1 secondrichest men in Beijing own legally nothing. That's how the trick works.
4:074 minutes, 7 secondsIt's simple. A founder takes his shares or property or cash. He puts them into a trust. Hong Kong, Singapore, the
4:154 minutes, 15 secondsCaribbean. Now, the trust owns them, not him. His family still benefits, but the
4:224 minutes, 22 secondsfortune sits outside China. CNBC calls these trusts a favorite tool of Chinese tycoons for decades. Why did they love
4:314 minutes, 31 secondsthem so much? Picture a billionaire inside China. The party controls the land under his office. In Chinese
4:384 minutes, 38 secondscities, the state owns every piece of it. Wrote itself. March 2004. China's
4:454 minutes, 45 secondsconstitution. Citizens lawful private property is envoyable.
4:504 minutes, 50 secondsNow hold one sentence. The party wrote itself. March 2004. China's constitution. citizens lawful private property is envoyable.
5:025 minutes, 2 secondsEnvoyable. Untouchable. Now listen to the word in the middle. Lawful. Who
Chapter 5: Who Decides What Is Lawful?
5:085 minutes, 8 secondsdecides what's lawful? The party. It even wrote that into its own rule book.
5:145 minutes, 14 secondsThe party leads everything. Watch what it does to that promise. But a trust in the Cayman's, that's someone else's
5:225 minutes, 22 secondsmoney in someone else's country. under courts that answer to judges, not to Xi Jinping. It was the one part of a
5:315 minutes, 31 secondsfortune the party couldn't grab, a lifeboat. And Pon was about to find out how much he needed. In 2001, he tried to
5:405 minutes, 40 secondssell his company legally to an American buyer, Blackstone. Beijing never signed off. Blackstone walked away. The shares
5:495 minutes, 49 secondscollapsed. No court ruling, no public explanation, just a deal that sat on a regulator's desk until the buyer gave
5:565 minutes, 56 secondsup. That's how the party says no. It doesn't argue. It simply waits. The message to Pawn was clear. Even leaving
6:056 minutes, 5 secondsthe business requires permission. Today, Pon and his wife spend most of their time in America. His money was offshore.
6:146 minutes, 14 secondsHis family was offshore. He'd done everything right. So, here's the question. Can the party still reach him?
6:226 minutes, 22 secondsJuly 24th, China's Finance Ministry and Tax Authority released a new rule for offshore trusts. Watch how it closes
Chapter 6: How China Closes All Exits
6:316 minutes, 31 secondsevery exit, one by one. Step one, the way in. Put assets into a trust, the
6:386 minutes, 38 secondsparty treats it as a sale. Any gain, 20% pay up. Step two, the time inside.
6:466 minutes, 46 secondsWhatever the trust earns, the party taxes, too. Every year, whether the family receives a scent or not. Think
6:546 minutes, 54 secondsabout that. They're taxing money nobody ever received. Money in another country owned by somebody else. Step three, the
7:047 minutes, 4 secondsway out. Maybe a family thinks, "Fine, we'll just become foreign citizens." The party thought of that. Keep your main
7:137 minutes, 13 secondsbusiness in China and you can still count as a Chinese taxpayer. New passport, same bill. So the family
leaves for good. Law firm Alline points to article six and exit tax. The day a family stops being Chinese residents,
7:297 minutes, 29 secondsthe party taxes the trust's growth in, during, out. Every door has a toll booth. And then comes the crulest part.
Chapter 7: The Law Works Backwards Now
7:397 minutes, 39 secondsThe rule reaches backwards back to January 2023. Money families move legally years ago is now a debt. They
7:487 minutes, 48 secondshave 90 days to confess and pay. The deadline is October 22nd. Pay in time and the party waves the late penalty.
7:577 minutes, 57 secondsHow generous. And notice how it arrived.
8:018 minutes, 1 secondNot a debate in Parliament, not a vote, not a public argument about whether it's fair. a notice from the finance ministry
8:098 minutes, 9 secondswith a clock already running. That's how laws arrive in a one party state, fully
8:158 minutes, 15 secondsformed, already enforced. CNBC used one word for how China's rich reacted.
8:218 minutes, 21 secondsShock. Private bankers flooded with calls. Families scrambling for cash because a fortune in a trust isn't a
8:288 minutes, 28 secondspile of money. It's shares, buildings, stakes, and private companies. To pay a cash bill on a deadline, families may
8:368 minutes, 36 secondshave to sell fast while everyone watches. Analysts at Eurasia Group told CNBC they expect waves of selling, not a market crash. That's the calm version.
8:478 minutes, 47 secondsIt still means billionaires selling on parties timetable instead of their own. Some can spread the payment over years.
8:558 minutes, 55 secondsThink of it as a mortgage on their own freedom. And remember those tax officers from the start. CNBC reports the local
9:049 minutes, 4 secondstax bureaus in Shenzhen and Sheng Xu were already inspecting trusts already changing the tax in some cases before
9:129 minutes, 12 secondsBeijing had written a single word. And Pansuri that list of fortunes that can't escape came from Cena Finance, one of China's biggest financial news sites.
9:239 minutes, 23 secondsHis family's trust is on it. He was joking about being a proletarian.
9:299 minutes, 29 secondsBeijing took it seriously. So, here's a test. Take it with you. It works on any government. When a state announces a new tax, ignore the rate. Look at the date.
9:419 minutes, 41 secondsA rate is just a price. You can plan for a price, but a date that reaches backwards, that means what you did
9:489 minutes, 48 secondslegally yesterday can be punished tomorrow. It means the rules never protected you. The government's mood did
9:579 minutes, 57 secondsrate or date. That one question separates a country with laws from a country with rulers. Now, I know what
10:0510 minutes, 5 secondssome of you are typing. 20%. America's top rate is 37. Relax. That's just
10:1210 minutes, 12 secondstaxes. Fair point. The numbers are right. Hold that thought. I'm coming back to it because the difference
10:2010 minutes, 20 secondsbetween those two countries isn't the number. So why now? The trusts have existed for decades. Beijing always knew
10:2810 minutes, 28 secondsabout them. It even joined the global system where countries swap bank data on each other's residents. It was watching
10:3510 minutes, 35 secondsthe lifeboats for years. So why reach them this summer? Simple. The party is
Chapter 8: Why China Is Grabbing Money
10:4210 minutes, 42 secondsrunning out of money. For decades, Chinese cities paid their bills by selling land. Remember, the state owns
10:5010 minutes, 50 secondsall of it. Developers paid huge sums to build on it. That money paid for roads,
salaries, shiny new train stations. Then the property bubble burst. Everrand, once China's biggest developer, collapsed under a mountain of debt.
11:0711 minutes, 7 secondsOthers followed, and land sale revenue has roughly halfed since its peak. Finance Ministry figures show half gone.
11:1611 minutes, 16 secondsThat's a hole in the budget of almost every city in China. And the city still owes salaries, pensions, years of
11:2411 minutes, 24 secondsborrowing, much of it hidden in companies they own. The boom was paid for with debt. Now the debt is due. Now
11:3211 minutes, 32 secondslook at what happened next. In the first half of this year, retail sales barely grew. CNBC reports. Ordinary people
11:4011 minutes, 40 secondsaren't spending, but income tax jumped 13.1%.
11:4511 minutes, 45 secondsFinance Ministry figures. People aren't richer. The tax man just got hungrier.
11:5111 minutes, 51 secondsAnd who's feeding him? Taiisheen reports the top 1% paid more than half of all income tax. Goldman Sachs says cash
11:5911 minutes, 59 secondsstrap local governments are chasing tax harder. And it doesn't stop at billionaires. This spring, the South
12:0612 minutes, 6 secondsChina Morning Post reported tax officers contacting ordinary investors, office workers, professionals, people who had
12:1412 minutes, 14 secondsbought American or Hong Kong stocks through apps on their phones. They were asked to declare their overseas gains
12:2112 minutes, 21 secondsgoing back years and pay 20%. The trust rule is the headline, but the net is much wider. Every Chinese resident with
12:3012 minutes, 30 secondsmoney abroad is hearing the same message. The party can see it and the party wants its share. A strong government doesn't raid its own
12:3912 minutes, 39 secondsbillionaires. A desperate one does. A confident government courts its entrepreneurs. It lowers taxes to keep them. It brags about them to the world.
12:4912 minutes, 49 secondsThe party did exactly that for decades while the money was flowing. But here's the part the party will never say out
12:5612 minutes, 56 secondsloud. Look at why the property bubble burst. It wasn't bad luck. In 2020, Beijing decided developers had borrowed
13:0413 minutes, 4 secondstoo much. It slapped strict new limits on their debt. Maybe that was overdue, but it was done hard and fast. The money
13:1313 minutes, 13 secondsstopped. The crane stopped. Ever Grand defaulted in 2021. Millions of families had paid for flats that were never
13:2113 minutes, 21 secondsfinished. Some kept paying mortgages on buildings that were only concrete shells. In 2022, home buyers in dozens
13:2813 minutes, 28 secondsof cities simply stopped paying. A mortgage strike in a country where strikes are dangerous. That's how angry
13:3613 minutes, 36 secondspeople were. The crash that emptied city budgets started with a decision made in Beijing. Now, watch what else happened
13:4413 minutes, 44 secondsthat same year. October 2020. Jack Ma, China's most famous businessman, criticizes the regulators on stage. Days
Chapter 9: When Big Bosses Disappear
13:5213 minutes, 52 secondslater, his company's giant stock market launch is cancelled. It was set to be the biggest in history. Jackmaw
disappears from public life. That December, the party names a new enemy.
14:0514 minutes, 5 secondsDisorderly expansion of capital. Then, in the summer of 2021, the party bans for-profit tutoring in school subjects.
14:1314 minutes, 13 secondsA whole industry wiped out almost overnight. Tutors, teachers, office staff out of work in a single summer.
14:2114 minutes, 21 secondsSame instinct every time. Crush the developers. Crush the tech giants.
14:2614 minutes, 26 secondsRemind everyone who's boss. And it worked. Everyone got the message. So, put it together. The party broke the
14:3414 minutes, 34 secondsproperty market. Party frightened its entrepreneurs that emptied its own budget. And now it's sending the bill to
14:4114 minutes, 41 secondsthe rich. The people who made the bad decisions keep their jobs. The people who made the money get the invoice. and
14:4914 minutes, 49 secondsthe families with unfinished flats get nothing at all. Did the party blame itself? Of course not. It blamed greedy
14:5614 minutes, 56 secondsdevelopers, disorderly capital, rich people who didn't pay enough. That's the oldest trick the communists have. So,
15:0515 minutes, 5 secondscan the rich just leave? Some are trying. For years, China has sat near the top of Henley and Partners rankings of countries losing the most
15:1315 minutes, 13 secondsmillionaires. Henley sells resident programs, so treat its numbers as estimates.
15:2015 minutes, 20 secondsBut the direction is hard to miss, and the party is closing the doors. A new passport doesn't break the bill. Leave
15:2715 minutes, 27 secondsand the exit tax is waiting. China's tax law already lets officials stop people with unpaid taxes from leaving the
15:3415 minutes, 34 secondscountry. Earlier this year, regulators banned three foreign online brokers, CNBC notes. and ordinary people were
15:4215 minutes, 42 secondsfenced in long ago. A Chinese citizen can only change $50,000 worth of yuan into foreign money each year. The rich
15:5115 minutes, 51 secondsfound ways around that wall. The trusts were one of them. Now the party is filling the gaps. One door after another, slammed quietly with paperwork.
16:0216 minutes, 2 secondsThe party doesn't need to catch every family. It only needs every family to wonder if they're next. Picture the family meeting now. The founder who
16:1016 minutes, 10 secondsbuilt the business. The lawyer who's been on the phone all summer. The son who studied in London and never really
16:1716 minutes, 17 secondscame back. Nobody is planning a revolution. They're doing maths. How big will the bill be? Who else can see the trust? What will the next rule target?
16:2916 minutes, 29 secondsNobody at the table can answer any of it. And that uncertainty is the real punishment. First the money moves, then
Chapter 10: Fear Is The Real Punishment
16:3616 minutes, 36 secondsthe kids schooling, then the family. It rarely happens all at once. No dramatic midnight escape. A flat bought abroad, a
16:4516 minutes, 45 secondschild enrolled in a foreign school, a second residency renewed without fuss.
16:5016 minutes, 50 secondsOne quiet step, then another. By the time anyone in Beijing notices, the family is already gone. Where do they
16:5816 minutes, 58 secondsgo? Singapore, Dubai, London, Vancouver, California? Places with courts that can
17:0517 minutes, 5 secondstell the government no. Places where a tax rule is argued over in public before it becomes law. Where nobody can reach
17:1317 minutes, 13 secondsback and rewrite yesterday. They aren't perfect, but the rules stay put long enough to build a life on them. Notice
17:2017 minutes, 20 secondssomething about that list. Nobody is smuggling their fortune into China.
17:2617 minutes, 26 secondsNobody's sending their children to Beijing for safety. Nobody is moving to China to protect what they own. The
money only runs one way towards the west rules. But even then, the grip doesn't fully let go. Keep a business in China
17:4217 minutes, 42 secondsand the party can still call a new passport a Chinese taxpayer. Pansi moved his shares offshore two decades ago. He
17:5017 minutes, 50 secondsmoved his family to America. His trust is still on the list. Now, I have to be straight with you. I won't tell you
17:5817 minutes, 58 secondsChina collapses next year. People have predicted that for 30 years. They've been wrong every time. I'd be selling
18:0518 minutes, 5 secondsyou a thumbnail. And this rule doesn't cease whole fortunes. It's a 20% bill.
18:1118 minutes, 11 secondsTrust set up long ago escape the backdated charge for setting them up.
18:1518 minutes, 15 secondsWhat they earn is still taxed. Most of these families will pay and stay very rich. Some will come out of this fine, and some of the loudest predictions
18:2418 minutes, 24 secondsabout capital flight will turn out to be wrong. My claim is narrower. And for Beijing, it's worse. The deal that built
Chapter 11: The Old Deal Is Over
18:3218 minutes, 32 secondsmodern China is dead. Get rich. Stay quiet. Keep one door open. The party just closed the door. Now, your
18:4118 minutes, 41 secondsobjection, as promised, America's rate is higher. It is. But go back to the
18:4818 minutes, 48 secondstest. Rate or date? In America, the rate is set in advance in public, and an American can take the tax man to court
18:5718 minutes, 57 secondsand win. In China, the rule reaches backwards. Local officers collected before the law existed and no court in
19:0619 minutes, 6 secondsChina tells the party no. That's the difference. Not 20 verse 37 where the rules can move behind you in the dark.
19:1519 minutes, 15 secondsSo what happens to China when the wealth makers go? Here's a scenario, not a forecast. Just where the numbers on
19:2319 minutes, 23 secondsscreen point. The party is short on money, so it squeezes the rich. The rich move money out so there's less tax. So
19:3119 minutes, 31 secondsthe party squeezes harder and closes more exits, which makes the rich even more desperate to leave. Every turn of the screw makes the next turn necessary.
19:4119 minutes, 41 secondsThat's the paradox. The harder the party grabs, the less there is to grab. And the rich who stay learn their own
19:4919 minutes, 49 secondslesson. Stay small. Stay quiet. Don't build the next Alibaba. The next Alibaba is the one that gets crushed. And the
19:5819 minutes, 58 secondsdamage doesn't stay at the top. When billionaires get crushed, ordinary business owners notice, too. The
20:0620 minutes, 6 secondsrestaurant owner, the factory boss with a few hundred workers. They all ask the same question. If Jack Ma wasn't safe,
20:1420 minutes, 14 secondswho is? Think about a young graduate in Shenzhen right now. Clever, ambitious, maybe with an idea for a company. She
20:2220 minutes, 22 secondshas watched Jackmaw vanish. She has watched pantries deal die on a desk. She watches the rich being build for the
20:3120 minutes, 31 secondsmoney they moved years ago. What is the lesson for her? If you succeed too much, the party will come looking. That's the real bill. Not the money that leaves.
The companies that never get born.
20:4520 minutes, 45 secondsDeng's plan was simple. Let some people get rich first. They'll pull everyone else up. The people who got rich first are now the people most ready to leave.
20:5620 minutes, 56 secondsThey have the lawyers, the passports, the options. The people left behind don't. The party needs private wealth to
21:0321 minutes, 3 secondspay its bills. But it can't stop treating private wealth as a threat. It wants the golden eggs. It keeps
21:1021 minutes, 10 secondsstrangling the goose. The party has done this before. In the 50s, it took the factories and got stagnation, then
21:1721 minutes, 17 secondsfamine. Deng's promise fixed that. She is quietly taking the promise back and betting the goose keeps laying anyway.
21:2521 minutes, 25 secondsGo back to the promise. Citizens lawful private property is envoyable. It's still in the constitution. Nobody deleted a word. They didn't need to.
21:3721 minutes, 37 secondsLawful means whatever the party says whenever it says it. Pan Sheri grew up poor. Built Beijing skyline. Paid for
21:4521 minutes, 45 secondspoor kids to study at Harvard. He put his shares offshore. He moved his family abroad. He joked that he owned nothing.
21:5421 minutes, 54 secondsThe party is making the joke come true. She's China. You can build in a skyline. You can never outrun the party's shadow.
22:0322 minutes, 3 secondsSo tell me, is she taking China back to Mao? Or is this just a broke government grabbing whatever it can reach? Make the
22:1222 minutes, 12 secondscase below. I want the argument. Follow the cracks and they'll tell you what happens next.
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