Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Jack Ma, China’s richest man and officially retired chairman of the country’s biggest online sales platform Alibaba, spoke on Saturday at the second Bund Summit in Shanghai. His words of advice for the finance sector made waves on China’s social media and have been trending for the last few days.
He addressed bottlenecks in China’s “adolescent financial system” and painted an optimistic picture of a sustainable green finance system in which “money found entrepreneurs” rather than the other way around. Jack Ma’s bold opinions have been lauded by social media users, millions of whom have read and watched the talk.
Ma called out credit firms that tie private firms up in debt, creating leveraged businesses with huge liabilities, to which Weibo responded with overwhelming support.
What’s the story?
In the context of a summit in which leaders tend to provide dry outlines of their endeavors, Jack Ma gave the audience a content-rich appraisal of the state of finance in China 20 years after the country joined the WTO and seven years since he last spoke at the summit, with a focus on the plight of private businesspeople.
He said China’s credit system remained in the control of major state banks that acted like “big rivers,” yet the system, “needs ponds, creeks and small channels, without which, floods and droughts will keep happening.” On the eve of a dual listing by Ant