The People's Daily, the Chinese government's media mouthpiece, went off on the richest man in Hong Kong in a social-media post published Sunday for investing his money outside the mainland.
Li Ka-shing controls CK Hutchison Holdings, a conglomerate of mostly energy and infrastructure assets. He also owns some mobile-phone networks and Cheung Kong Property Holdings, a property development company.
Bloomberg estimates that he is worth $32.6 billion.
He has recently been restructuring his company, in part to prepare for his 51-year-old son to take over the company. In doing so, Li has purchased assets and moved money to the European Union.
The last thing the government wants is for Li's money to go elsewhere just when the Chinese economy has been experiencing a slowdown.
The People's Daily editorial went through three distinct positions on Li. The first was that his moves were immoral, the second argued that his moves were stupid, and the last one argued that China didn't need him anyway.
Kind of like a breakup.
On the first argument, The People's Daily questioned whether it was "moral" for Li, who has made money on the mainland, to leave at a time when China's stock markets are convulsing and economic indicators are flashing red.
"In the eyes of ordinary people we shared comfort and prosperity together in the good times but when the hard times come he abandons us — this has really left some people speechless," it said, according to the Financial Times.
The People's Daily also went beyond that argument, saying that even if Li's money moves were not a moral issue, they were illogical. The Chinese economy, it seemed certain, would come back to life soon enough.
"Li Ka-shing has earned money in the mainland and even if it is morally legitimate to stop him from moving his capital out now because of special privileges he received in the past, it is not logical and not in accordance with the spirit of rule by law."
mao flag caveREUTERS/David Gray
Finally, there was the whole "who needs him?" thing.
“China accounts for more than 12% of the global economy … Can the withdrawal of a single businessman affect the fundamentals?"
It continued: "We won't need to worry about investors not coming after Li's departure as long as China deepens its reforms … and keeps the market lively."
So far China's reform plans have not really materialized. The Economist said in a recent article that China's attempts to reform its state-owned enterprises had "failed to impress" and that this summer markets had been more than lively — they have been treacherous.
Since its first precipitous drop on June 12, the Shanghai Composite, the mainland's biggest stock market, has fallen 37%. In August, the government devalued its currency, the yuan.
Who needs him, indeed.