Economy & Politics

Jack Ma vs. Xi Jinping: the future of the private sector in China

Four years ago, when Ant Group’s leading money market fund peaked with more than $ 260 billion in assets under management, many of China’s state banks and their regulators became restless. In a series of phone calls and meetings with Ant founder Jack Ma, bank boards and regulators demanded that his Yu’E Bao fund be curbed.

“Yu’E Bao withdrew a lot of money from the banks,” said one person familiar with the talks. “Banks were concerned about the liquidity impact and wanted Ant to take action to minimize the impact. The discussions were pretty tense. ”

In the end, Ma had to give in and Yu’E Bao imposed caps on the number of


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