How did China go from "financial repression" to the global leader in "fintech" in only a matter of years?
A visitor passes by a logo for the e-CNY, a digital version of the Chinese Yuan, displayed during a trade fair in Beijing, China, September 5, 2021. Credit: Ng Han Guan via AP
In January 2004, Jack Ma, founder of Alibaba, made one of the most consequential decisions in recent financial history. The English teacher-turned-entrepreneur was at the World Economic Forum in Davos when he decided to take on China’s backward financial system.
Ma’s team back home in Hangzhou was nearly ready to launch Alipay, a payment system that would allow people to pay for what they ordered from Alibaba. Few Chinese at the time had credit cards, and a powerful state-owned comp
Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else.
A weekly curated reading list on China from Andrew Peaple.
A daily roundup of China finance, business and economics headlines.
We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.
If Xi Jinping is becoming more preoccupied with internal politics, it could lead to a period of relative calm in China’s relations with the United States.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OKPrivacy policy
