Berkshire’s Munger says China has the right to cut Ma’s wing.

June 30 (Reuters) – Berkshire Hathaway Inc (B.N) Vice President Charlie Munger hailed China’s move to comprehensively restructure the fintech giant’s Ant group, Jack Ma, which has a record IPO. $37 billion IPO hit by regulators in November

The 97-year-old told CNBC in a joint interview with Berkshire CEO and billionaire investor Warren Buffett that the United States is “incredible.” should abandon Chinese books and “Step into the deterrent of speculation”

“I don’t want the whole Chinese system. But of course I want to have a financial stake in my own country,” he said in an interview aired Tuesday in the United States.

The Communist Party of China rules China. It “does the right thing” by controlling Ma, the founder of e-commerce giant Alibaba Group Holding (9988.HK), which has been rarely seen publicly since he criticized regulators in a speech last October. then .

Chinese regulators pulled the plug on an Alibaba subsidiary’s IPO and forced it to turn into a financial holding company, which is expected to thwart some independent businesses.

Alibaba was also hit by a record $2.75 billion in antitrust sanctions. because China controls Strictly booming “platform economy”

“The Communists did the right thing. They just called Jack Ma and said, “Don’t do that, son,” Munger said.

He also praised China’s response to the novel coronavirus. China enforces strict lockdowns and restricts movement widely. This is a measure that Americans do not accept.

“They only shut down the country for six weeks and that turned out to be the right thing,” Munger said.

Buffett said the pandemic had hit small companies the most.

“I don’t know if hundreds of thousands or millions of small businesses have been seriously hurt. but big companies Most are overwhelmingly well done. unless it’s in the shipping line or you know or a hotel or something,” he said.

Reporting by Maria Ponnezhath and Aakriti Bhalla in Bengaluru; Editing by Amy Caren Daniel and Stephen Coates

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