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E-commerce: Beijing wants to turn away from Jack Ma

26/02/2021
Source : ORISHAS FINANCE
Categories: General Information

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The lyrical rise of the powerful global player in e-commerce, online finance and healthcare is no longer to the liking of Wang Qishan, the Chinese vice president, or Yi Gang, the governor of the central bank, who had both spoken in this capacity. Realizing its dependence on this conglomerate Beijing now hopes that the population will gradually turn away Jack Ma. "We all know that when you borrow 100,000 yuan [about 13,000 euros], you are terrified of the bank. When you borrow 10 million yuan, you and the bank are terrified. When you borrow 1 billion yuan, you are the one who terrifies the bank. This thinly veiled threat launched by Jack Ma, founder of Alibaba, the Chinese e-commerce giant on October 24, 2020, at the Bund Summit in Shanghai, a symposium bringing together the world's leading figures in the banking sector, is likely to cost him a lot. The collection of its customers' personal data and the romance with the Chinese regime has made Alibaba a powerful global player in e-commerce, online finance and healthcare. Today, Beijing is becoming aware of its dependence on this conglomerate that is shaking the banks. He hopes that the population will gradually turn away from its founder, Mr. Jack Ma. On November 2, Jack Ma was summoned to an interview by the financial regulator. The following month, an investigation was opened into the group's business practices, which were deemed anti-competitive. The country's most famous billionaire disappears eighty-eight days, raising fears of arrest or flight abroad.
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