Keith Zhai, Lingling Wei and Jing Yang write in the Wall Street Journal about Alibaba co-founder Jack Ma.
They quote former Chinese premier Wen Jiabao with calling himself a “serious student” of Ma’s. Current president Xi Jinping seems to be everything but a fan.
The article suggests that Ma’s companies are under scrutiny because of the outspokenness of its founder. But then there is this:
There also were concerns at the central bank that Ant could become too big to rescue in a financial meltdown, according to people familiar with the matter.
By June 2020, Huabei’s credit outstanding accounted for nearly a fifth of China’s short-term household debt.