Jack Ma Is Not The Problem

Can fintech be corralled in service of China’s people-centered development? With Jack Ma’s Ant Group as a case study, Chinese blogger Li Xuran offers a compelling analysis of the role of capital in modern China. The halting of Ant’s bombshell IPO in November 2020, Li argues, must be seen in the context of the socialist state’s role in restraining the “wild beast” of capital for the sake of socialist development.