The chronology of Jack Ma and Xi Jinping’s drama before they disappeared

Jakarta, CNN Indonesia –

Founder of Alibaba, Jack Ma, allegedly disappeared in recent weeks after arguing with the Chinese president Xi Jinping.

Jack Ma’s disappearance started with Jack Ma’s statement that upset Xi and the Chinese government.

He criticized China’s banking system at a fintech event in Shanghai, China, on October 24, 2020. The 56-year-old called on Chinese banks to carry out reforms because they currently operate with a ‘pawn shop’ mentality. ‘.

“If the bank doesn’t want to change, we will change the bank,” he said at the time.

Jack Ma makes me sick

Furthermore, Ma also criticized the Chinese government for hindering innovation and being too conventional to take risks.

“Innovating without risk means killing innovation. There is no innovation without risk in the world,” Ma was quoted as saying. CNN.

“Good innovators are not afraid of regulation, but they are afraid that their rules are out of date. We should not use the way we run a train station to run an airport.”

Jack Ma is one of the politicians who stays away from politics. It was not part of an association that frequently held annual business-government meetings. Although the founders of Tencent, Baidu and other giant Chinese companies are part of that group.

However, Jack Ma is close to Jiang Zemin, president of China before Xi. Before becoming president, Xi held power in Zhejiang, where Alibaba is based. However, Ma was reluctant to get close to Xi’s politics.

Two months after Xi took over the presidency, Ma left the CEO of Alibaba in May 2013. He became president. In 2018, Xi did a constitutional review in China and broke the two-term presidential office limit.

After Xi’s decision, six months later, Ma said he would retire in a year. In September 2019, Ma stepped down as president. He also retired from the company’s board in September 2020, it was reported. Nikkei Asia.

Xi replied

Ma’s behavior appears to be considered excessive by the Chinese government. Xi is known to leave little room against his policies.

The speech came just weeks before the scheduled initial public offering (IPO) of Ant Group, a Jack Ma-owned fintech company. With the launch of The Independent, Ant’s IPO is set to be the largest IPO in history, reaching $ 35 billion or around IDR 485.9 trillion.

However, due to these criticisms, the Chinese government suspended the IPO of the Alibaba subsidiary. Ant is the parent company of China’s largest digital payment service Alipay. The deferral of Ant’s IPO was accomplished by modifying a number of regulations in the IPO.