 "Jack Ma")
Alibaba Group founder Jack Ma criticized global financial regulations for stifling innovation and urged China to seek a system that accommodated development.
“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” the priority for regulators, Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only focuses on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.” The Basel Accords, which Ma likened to a club for the elderly, are used to solve problems for financial systems that have been operating for decades,
