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Giant bike sharing firm Ofo is letting the Chinese Communist Party have a say in the company's 'major decisions'

Bike sharing giant Ofo will include the role of the Chinese Communist Party (CCP) within its corporate charter. Ofo will also allow its CCP committee, which exists to "promote and implement the Party’s line, principles and policies," provide input on personnel issues and "major decisions."

  • Bike sharing giant Ofo will include the role of the Chinese Communist Party (CCP) within its corporate charter.
  • Ofo will also allow its CCP committee to provide input on personnel issues and "major decisions."
  • The purpose of these committees, which are sometimes legally required, is to "p
  • Ofo's decision came a week after rule was proposed that would require all firms to have a Party committee before being listed on the stock exchange.

Bike sharing giant Ofo will be changing its corporate charter to highlight the role of the Chinese Communist Party (CCP) in its operations.

Dozens of large Chinese internet companies and other startups, including Alibaba, Baidu, and Tencent, have Party committees with thousands of members. Foreign firms, including Walt Disney, have also established their own Party committees which are intended to "p

— essentially a legal requirement — and have continued to expand under President Xi Jinping who has put an increased emphasis on strengthening the Party's leadership in society.

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But Ofo providing CCP members are large amount of input for "major decisions" could signal a new era of influence for these committees, with the potential to affect a company's global market.

Business Insider has contacted Ofo and will update this story once it receives a response.

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