时间：2022-10-04 03:04:41
What could defeat you is not technol- ogy， but a document Ma Yun When Ma Yun spoke that， he was met with both good news and bad news. His Alibaba officially started to file IPO in the U.S. If it is done smoothly， the market value of Alibaba might be higher than US$130 billion， matching Google and other world-top Internet companies； however， the attempt of Alibaba and other Internet companies in China to boost the Internet finance was almost killed by the document from China’s central bank （we have detailed report in this issue）.
Ma Yun’s complaints are more than the grudges from an entrepreneur. They reflect the uncertainty of policies as a result of the excessive governmental intervention and its threat to an enterprising and innovative society.
It is a sad story if an enterprise fails not because of the shortage in technologies， but for the governmental document. This failure is intolerable， especially during the present time when innovation is considered to the future of the country. China has the ambition to turn“made in China” to “created in China”， and some governmental officials claimed to protect the innovations in Internet finance， but the document that banned virtue credit cards and possibly harm the online payment services， not only hurts domestic enterprises， but also raises international questions for the market environment of China.
We always hear those questions： why is there no Apple in China？ Why is there no Steve Jobs among 1.4 billion Chinese people？ Some local governments spend generously fostering local “Steve”， but when China has the hope to have a “Google” or “Apple”， the document comes and possibly changes their fate.
It is widely debated that the central bank curbed the Internet finance to protect people from the risks or protect the banks and UnionPay whose interest is undoubtedly to be affected during the Internet financial storm. The debate actually centers on what role the government should play in the market and innovation.
Concretely， the governmental document and policies should not encumber the innovation and market decisions. In the third session of China’s 18th CPC Congress， the central government established the basic direction of the market-oriented reform in the following period. Simply speaking， the government will let the“market decide many things”.
What is the “market decision”？ It is none other than letting the market determine how the resources are allocated， what innovations are needed， who would be the winner， and what investment might bring back profits.
It is no doubt that the innovation is accompanied with the risks. But we cannot stop the innovations just because of the risks. The government should not adopt the brutal “non-discretionary” policy. No ventures， no gains. The simple theory is not only applicable to men， but also to the entire society.
The government needs to change their mindset in face of the risks brought by the innovation. It also needs to uphold he “market-oriented” style and principle and improve its skills to curb the risk， not the innovation. For the Internet finance， capping the systematic risk is enough.
All in all， if a company is defeated by the governmental document instead of the technology or competitors， it means China has a long way to go for the real market-oriented economy.