One of the main event that lead to Jack Ma's decline of influence was he openly challengeed the banking industry regulation when regulators wanted to reign in t

One of the main event that lead to Jack Ma's decline of influence was he openly challengeed the banking industry regulation when regulators wanted to reign in the excessive leverage of his Ant Financial, and put tough requirement of risk management similar to those of Chinese banks to his firm. Eventually Ant Financial did get tougher requirements wanted by the regulators, thus preventing the company from leveraging too much. That may contribute to the fact that now US and European banks are in a crisis but not Chinese banks.