Date
11 December 2017

Alibaba’s Ma hits back at criticism on Yu’e Bao, paper says

Alibaba Group chairman Jack Ma has slammed the recent critical market chatter surrounding Yu’E Bao, the e-commerce giant’s money-market fund product, saying the biggest hurdle for any reform is not the complexity or difficulty of the reform itself, but rather the vested interest groups, Beijing Times reported Friday. The comments came after some observers had called on authorities to take over Yu’e Bao, alleging that the fund product has upset the ecosystem of the financial market. People’s Bank of China governor Zhou Xiaochuan on Tuesday denied any plans to take over Yu’e Bao, but said authorities will tighten supervision on online financial products, the report noted.

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