China’s national pension fund, China Development Bank and China International Capital Corp., the country’s top state-owned investment bank, are already investors in Ant. But in targeting Mr. Ma, China’s leaders face a tough balancing act, trying to keep entrepreneurs like him in check—without hurting the innovative spirit that has helped power China’s technological and economic rise. It’s hard to overestimate the role Mr. Ma’s companies have played in China’s economy. Since then, China’s market and financial regulatory agencies have sprung into action. But even Mr. Xi, the most powerful leader in recent Chinese history, faces constraints in how far his government can go to clamp down on Mr. Ma’s empire.

Source: Mint December 30, 2020 04:37 UTC