Former Chief Economist, Asian Development Bank
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Ant Group’s Long March
The Chinese fintech conglomerate Ant Group, known for its digital payments and other online financial services, has just been stopped in its tracks, after Chinese regulators suspended its simultaneous public listing, originally scheduled for November 5, on the Hong Kong and Shanghai Stock Exchanges. Shang-Jin Wei, a former chief economist at the Asian Development Bank, argues that expansion of such Chinese companies hinge on geopolitical dynamics beyond their control.