Jack Ma Blasts Global Financial Regulators’ Curbs on Innovation

Jack Ma Blasts Global Financial Regulators’ Curbs on Innovation

Photographer: Tomohiro Ohsumi/Bloomberg

Photographer: Tomohiro Ohsumi/Bloomberg

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.“

The Basel Accords, which Ma likened to a club for the elderly, are used to solve problems for financial systems that have been operating for decades, he said. China, however, is still a "youth“ and needs more innovation to build an ecosystem for the healthy development of the local industry, according to Ma.

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