886: The CCP swamp: Keep private fintech leashed. @GordonGChang
Image: Chinese bureaucrat (historically; a mandarin) Andrew Collier, managing director of Orient Capital Research based in Hong Kong, andGordon Chang, @GordonGChang,Daily Beast, in re: The Chinese govt doesn't mind private companies that help the govt. Jack ma put together a megacorporation, Alibaba, and a $34 billion IPO—then the regulators stopped it suddenly after Ma gave a speech suggesting that the regulators weren’t good. Now the Wall Street Journal says he then offered the leadership partial ownership. There are a trillion foreign dollars in the Chinese bond market—apparently, anything to make a buck. Small bz there are starving for money, so Ant Group was being enormously helpful. Central Bank: We don't want anyone in fintech to get too big. Struggle between Jack Ma and officials who have struck back. This is going to be a play that may continue for a long time. “Never want to be the tallest sunflower.” Govt and banks cannot do fintech efficiently.