The author explains how the Chinese government bureaucracy caught up with the world’s hottest financial services firm.
Alibaba founder Jack Ma, pictured here at a 2010 forum, has been caught in the middle of a new slew of fintech reforms in China. His inflammatory speech in October 2020 may have been just the excuse the government needed. Credit: World Economic Forum/Qilai Shen, Creative Commons
HONG KONG – Ever since Alibaba founder Jack Ma criticized Chinese financial regulation in a speech last October, a regulatory storm has pummeled the country’s entire online financial and consumer sector. The Shanghai Stock Exchange suspended the planned initial public offering of fintech conglomerate Ant Group — an Alibaba affiliate — just two days before its launch, and regulators subsequently launched a massive crackdown on Chinese Big Tech. While Ma’s speech appears to have been an
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The former Biden official and China scholar makes the case for the previous administration's approach and discusses why Beijing is content to watch the U.S. now dismantle its sources of strength
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