China’s Regulatory War on Ant — Angela Huyue Zhang

 Misleading neoliberal-centric title. 

probably looking at what happened in the US during the GFC and the aftermath, as well as the tech monopoly power that is finally being addressed, China decided to head off abuse before it occurs by tighten up financial regulation. This is exactly what China should be doing to address potential system risk. 

Also, it is not just about Ant. It is about the future of the Chinese financial system and fintech. The authorities are acting in advance rather than hindsight after a crisis. Chinese fintech will not be able to engage in "cowboy capitalism" while socializing the risk, e.g, through lax regulation and regulatory capture as happened in the US, forcing a bailout that had political consequences, too. The US still has not been able to get this under control. Good article.

Project Syndicate
China’s Regulatory War on Ant

Angela Huyue Zhang | Director of The Center for Chinese Law and Associate Professor at the University of Hong Kong, and the author of Chinese Antitrust Exceptionalism: How the Rise of China Challenges Global Regulation

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