Ma is the pinyin mandarin question particle. Today’s question raised by Radio 4 Sounds is Where is Jack Ma ?
Jack the founder of Alibaba and billionaire businessman has not been seen for several months and became the richest man in China. In 2014 Alibaba was listed on the NY stock exchange valued at circa $235b. In 2020 Jack was about to bring his payment company ANT to the market at what was going to be the biggest ever IPO at $300b. On the eve of the float Jack made a derogatory remark about the Chinese Banks. The flotation was pulled and the ANT was crushed.
Jack fell off his beanstalk and has not been seen since. He did appear in a brief video after his Bund Shanghai Summit remark and his likening to China as a pawn shop banking system failing to embrace western style credit offerings. Jack’s Ali Pay had been helping small business and was opening up a new front on credit for the masses. The China Government were unhappy conscious that they did not want a credit bubble and wanted to keep markets in check.
China Government are in business and to do business there one needs them as a partner. In the west the Companies are private or publicly listed Companies without Government involvement. However when things go wrong the Governments are called on to bale out these companies aka Lloyds, RBS, Steel and Railway companies. One system that turns full circle and ultimately in Government hands with QE support programs and lender of last resort initiatives
China will allow private enterprises to exist but getting carried away is not something that can be accepted and when one forgets that the markets are publicly entwined one must bow to that and act accordingly. Taxation is the Government’s bite of any cherry wherever they grow. All Governments recognise that hard work must be rewarded that the tree growers must be paid and orchards just don’t suddenly appear. The seeds however come from Government and the framework created in which we operate.
Jack got carried away perhaps but hopefully not carried away forever. The World needs the Jack’s and the Elons and the Marks and the Bills. Entrepreneurs like Pioneers sometimes get arrows in their back and if they can get through we should celebrate not castigate. Look forward to seeing Jack soon.
qbitblogger 