Was Jack Ma disappearance back in 2020 part of a larger crackdown on the fianciarisation of the economy?
Hi,
Most articles I read in Western Media chose to depict the disappearance of Jack Ma back in 2020 along the authoritarian vs. free speech human right angle. Some others, maybe more on topic, along the lines of the regulator's authority vs fintech loose cannons angle.
As it's been reported that Jack Ma did criticise the CCCP, something that should have had no consequence in a more democratic society, I do not put the authoritarian nature of this situation into question.
But I also listened to an interview (this one) where the guest said that Jack Ma's disappearance was part of a larger crackdown of Chinese authorities against the financiarisation of the economy.
Specifically, he says that the 2020 Ant Group IPO, the largest up to this date, "would have created a financial system similar to the West in 2005", which the Chinese regulator absolutely did not want because of all the financial risk associated to this model.
So in addition to the authoritarian reason for the crackdown, which I do not challenge, this series of event can be framed as a deliberate choise to avoid the securitisation of the economy, and all the associated financial (subprimes crisis), and politicial (tech billionaires oligarchs) risks that comes with it?
Is this a correct depiction of this situation?