Ma Yun, a layman: the problem with China’s financial industry is to manage the airport in the same way as railway stations


Ma Yun said that the financial industry needs “troublemakers” and “laymen” to come in for reform. The financial circle can not amuse itself and make money by itself. The so-called supervision, supervision and management are two things. Supervision is to look at your development, management is to manage when there are problems, but now the ability to manage is very strong, the ability of supervision is not enough, good innovation is not afraid of supervision, but can not use yesterday’s way to manage the future
Ma Yun’s speech at the second Bund financial summit
Zhang Yingxin, Yan Qinwen
Editor yuan man
On October 24, in Shanghai, Ma Yun’s appearance attracted the attention of many participants at the “2020 second Bund financial summit” held by the China finance 40 forum. However, this time, instead of taking his more familiar identity (founder of Alibaba Group), he delivered a keynote speech in his capacity as co chairman of the UN High Level Panel on digital cooperation.
“In 2013, also in Shanghai, I went to the Bund financial summit to express a whimsical view of Internet finance. Seven years have passed, and today I am a layman in finance Ma Yun said.
As for the listing of ant financial services, which is concerned by the market, Ma Yun disclosed on the spot that the listing price of ant financial services had been determined on the evening of October 23. “This is the first time that the largest listing in the history of mankind has been priced outside New York. Five or even three years ago, we didn’t dare to think about it, but the miracle happened.”
Innovation must pay a price
Seven years ago, Ma Yun, then chairman of the board of directors of Alibaba group, also described himself as a “financial layman”. He said that Internet finance was a “troublemaker”, and said that the financial industry needed “troublemakers” and “laymen” to make changes.
“The financial industry needs troublemakers and laymen to come in and make changes, because finance serves the layman, not for the financial circle to amuse itself and make money for itself. The layman doesn’t know the trade, but the world is often turned upside down by those who don’t understand it. Therefore, the opening up of the financial industry must first be open-minded, and then there will be opening up of technology and policy. ” Ma Yun said at the first Bund International Financial Summit (June 2013).
At that time, network lending (P2P) and other formats were regarded as the mainstream of the development of Internet Finance and were warmly welcomed by the market. Now, when it comes to Internet finance, Ma Yun has more different thoughts, such as the cost of innovation, the effectiveness of supervision and so on.
“Innovation must pay a price, and our generation must take responsibility.” Ma Yun said frankly that he proposed Internet Finance seven or eight years ago, and has always stressed that Internet finance must have three core elements: first, rich data; second, risk control technology based on big data; third, credit system based on big data. According to these three standards, we can see that P2P is not Internet finance at all, but today we can’t deny the innovation of the whole Internet technology to finance because of P2P.
Since the special rectification work of Internet Finance and online lending risks was launched, the online lending industry has been clearing up, and the peak period of the industry is no longer prosperous. On October 22, at the annual meeting of the 2020 Financial Street Forum, Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, said that the situation of Internet financial risks has fundamentally improved. The number of P2P online lending institutions in actual operation nationwide has dropped from 5000 during the peak period to 6 at the end of September. The scale of borrowing and lending and the number of participants have declined for 27 consecutive months.
On the regulatory challenges brought about by innovation, Mr Ma said today’s regulation is really difficult. Innovation comes from the market, from the grassroots, from the young people, and the regulatory challenge is growing. “In fact, supervision and management are two things. Supervision is to watch your development, pay attention to your development, and manage when there are problems. However, we have a strong ability to manage at present. The ability of supervision is not enough. Good innovation is not afraid of supervision, but we are afraid of supervision in the way of yesterday. We can’t manage the airport by the way of railway station management, and we can’t manage the future with yesterday’s method.”
China lacks a healthy financial system
At the meeting, according to his own observation, Ma Yun pointed out that in order to keep up with international standards, we should not fill in the so-called gaps that developed countries in Europe and the United States have, but not in China.
“I always feel that in today’s situation, there is a problem in filling the gap. It is not because the European and American ones are advanced, but because we have to fill them. In fact, today we should not deliberately or blindly integrate with what things, adapt to the standards of which country, and fill in which gaps. Today, we need to think about how to integrate with the future, how to adapt to the future standards, how to make up for the future gap, we need to understand how the future is, and what we want to do, and then go to see how others do it If we repeat other people’s language and discuss the themes set by others, we will not only lose the present, but also the future. ” Mr Ma said.
Unlike Europe, where the financial system has been in operation for decades, Ma Yun believes that the Basel Accord is like a “club for the elderly”. What it needs to solve is the aging of the financial system, which has been operating for decades, and the system is complex. But China’s problem is just the opposite. China is not a financial systemic risk, but a risk of lack of a healthy financial system.
“China’s finance, like other developing countries, is young and young. It has not yet developed a mature ecosystem and is not fully flowing. Big banks are more like arteries of rivers and blood. However, today we need lakes, ponds, streams and rivers, and various marshes.” Ma Yun believes that in order to establish a healthy financial ecosystem, we must adhere to innovation. If we really innovate, we will make mistakes. The problem is not how to avoid making mistakes, but whether we can improve the correction and adhere to innovation after making mistakes.
Ma also mentioned the hot digital currency in recent years. He believes that if we use the future vision to create the new financial system the world needs in 30 years, digital currency may be the core, “we should ask ourselves, what practical problems will digital currency solve in the future? This digital currency is not found from history, not from the perspective of regulation, not from research institutions, but from the market, demand and future. It matters a lot. “