Huobi Creates New Chinese Communist Party Committee-Huobi Group, the parent company of cryptocurrency exchange Huobi, has formed a local branch of the Communist Party of China (CPC) in Beijing. As part of its efforts to expand its relationship with the Chinese Government, reported by the company.

The Singapore-based exchange firm, which was initially founded in China and is currently the third largest global exchange by trading volume. Similarly announced by the news on its website on Nov. 16. Furthermore stated, s “it is necessary to implement Communist Party principles and policies into private companies.”

It is established by a Huobi subsidiary, called Beijing Lianhuo Information Service. Which will reside in the Haidian District of the municipality of Beijing, China. Beijing Lianhuo was set up in April 2018 with Huobi CEO and founder Li Lin being the largest stakeholder of the company. They state:

Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established.”

CPC policies

Huobi Creates New Chinese Communist Party Committee-As per the CPC’s chapter, every state, and private entity in China should establish a communist party branch if the organization has more than two employees who are party members in order to promote the party’s ideas and work for setting up CPC policies and decisions

Similarly, this process has become popular among private companies in order to establish closer ties with the Chinese government. Furthermore China’s president Xi Jinping will remain the CPC leader and the head of state for life. Chinese private companies such as tech giant Alibaba Group and gaming corporation Tencent Holdings have already established Communist Party committees,

We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises,”

-Cao Zhou, a CPC official from Beijing’s Haidian district.

Even though the Chinese government has cracked down on many crypto related activities, they are pro-blockchain. Huobi launched an investment fund which is focused on developing blockchain startups in China and South Korea.

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