The Contents Of Jack Ma's Criticism Of China Made Xi Jinping Furious

JAKARTA - The founder of Alibaba who is also one of the richest businessmen in the world, Jack Ma disappeared for nearly two months. Jack Ma never appeared after criticizing the Chinese government. What criticism did Jack Ma have for China?

At the Bund Summit financial conference held in Shanghai on October 24, 2020, Jack Ma was present as one of the speakers. It was on this occasion that Jack Ma conveyed his criticism of China.

Jack Ma said, "Chinese finance is basically not risky. However, it is precisely because of the minimal risk that economic growth and innovation are threatened," said Jack Ma while saying he believed in high risk returns.

Before that sentence, Jack Ma said a sentence that was essentially a criticism of China's financial system, regarding regulations as well as the lack of support for innovation funding. "Good innovation is not afraid of regulation, but fear of outdated regulations."

"The analogy is not to use the railway station management system to regulate commercial airports," added Jack Ma, quoted from Asia Nikei, Monday, January 4.

Apart from the financial system built by the government, Jack Ma also criticized the way Chinese banks operate. Jack Ma says their way is outdated. The banks, called Jack Ma, also move with a pawn shop mentality.

Thus, Jack Ma doubts that Chinese banks will survive and be able to support financial needs in the future. Jack Ma advises Chinese banks to replace their traditional systems with technology.

In providing credit, for example. Jack Ma said Chinese banks should start using big data to monitor creditors, which could potentially go bad.

Jack Ma delivered the criticism in front of senior Chinese officials, including Wang Qishan. he is an important name behind the building of China's financial administration system.

Apart from Wang, there was also Deputy Prime Minister Liu He. He is in charge of overseeing China's macro-economic policies. Xi Jinping is said to have been furious with Jack Ma's statement.

Xi also asked Jack Ma's business group to be punished. Since then Alibaba Group and Ant Group have been targeted by the Chinese government. Jack Ma disappeared one month later, shortly after Ant Group was declared problematic in credit, insurance and financial management services.

Ant Group even failed to take the floor on the stock market. For Jack Ma himself, some believe he is hiding to avoid pressure from the Chinese government.