Jack Ma was peddling the financialization of the Chinese economy thru the issuance of massive amounts of consumer debt, and then passing most of the risk onto Chinese banks. This would have led to a growing wealth gap (already serious and growing in China), and political and social instability, which has happened in the US following the 2008 subprime mortgage crisis, and led directly to the election of Trump in 2016. The Chinese government did the right thing by coming down hard on the Ant Group IPO.
Jack Ma was peddling the financialization of the Chinese economy thru the issuance of massive amounts of consumer debt, and then passing most of the risk onto Chinese banks. This would have led to a growing wealth gap (already serious and growing in China), and political and social instability, which has happened in the US following the 2008 subprime mortgage crisis, and led directly to the election of Trump in 2016. The Chinese government did the right thing by coming down hard on the Ant Group IPO.
Yves Smith of Naked Capitalism has the best analysis: https://www.nakedcapitalism.com/2020/11/china-takes-step-against-securitization-consumer-borrowing-with-suspension-of-ant-ipo.html