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Jack Ma Blasts Global Financial Regulators’ Curbs on Innovation

  • Ma says that after Basel Accords focus has been risk control
  • China needs healthy eco-system for financial industry: Ma
Jack Ma

Jack Ma

Photographer: Tomohiro Ohsumi/Bloomberg
Bloomberg News

Alibaba Group founder Jack Ma criticized global financial regulations for stifling innovation and urged China to seek a system that accommodated development.

“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” the priority for regulators, Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only focuses on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.”