Jamie Dimon, JPMorgan’s boss, and others have kept a wary and admiring eye on Ant for years. Spun off from Alibaba, an e-commerce firm, it has over 1bn users, mostly in China, and its payments network carried $16trn of transactions last year, connecting 80m merchants (see Briefing). Payments are just the appetiser. Users can borrow money, choose from 6,000 investment products, and buy health insurance. Imagine if main-street banks, Wall Street’s brokers, Boston’s asset managers and Connecticut’s insurers were all shrunk to fit into a single app designed in Silicon Valley that almost everyone used. Other Chinese firms, notably Tencent, which owns the WeChat app, also operate cutting-edge fintech arms.
It would also be economically ruinous. In April, at the height of the first lockdown, Britain’s output was one-quarter lower than it had been in February. The imf argues that lockdowns may be worth it if they create an economy that can fully reopen for business. But nobody is suggesting that a short circuit-breaker could suppress the virus to that extent. And the trade-off would be even less worthwhile if you factor in the toll on mental health, the delay in treating other illnesses and the effects on long-term employment and education.
关于·FAQ·API·我们的愿景·广告投放·感谢·实用小工具· 1418 人在线最高记录 5168· Select Language
World is powered by solitude
VERSION: 184.108.40.206 · 18ms · UTC 23:26 · PVG 07:26 · LAX 16:26 · JFK 19:26 ? Do have faith in what you're doing.