Jack Ma Urges Chinese Financial Market Reform Before Ant Groupࢀ™s Huge IPO

Jack Ma, the Chinese billionaire behind Alibaba Group Holding Ltd., pointed out the lack of a healthy financial system in China and urged the reform of financial regulations in a speech Saturday. Ma made the remarks at the second Bund Finance Summit in Shanghai, an event attended by hundreds of bankers and regulators. In his observations, unlike Europe, where the financial system has been operating for decades, China is not facing a financial systemic risk, but a risk that ࢀœstill lacks a healthy financial system.ࢀ He also questioned whether Basel Accords are suitable for China. ࢀœEurope needs the Basel Agreement…