Funds launched by the likes of Alibaba have been lambasted as parasites that are endangering China’s economic health by a prominent commentator, the latest salvo in a battle that pits new online funds against the traditional banking system they are shaking up.
The war of words over the weekend is a sign of the growing controversy over the online investment funds, which were launched less than a year ago but have already upended traditional business models in China’s banking system.
Alibaba, the ecommerce company behind the biggest of the funds, shot back at the criticism, saying that its product is providing a service to the economy by putting more money in ordinary people’s hands.
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