Commentary Jack Ma, now China’s fourth-richest man and the former CEO of Chinese e-commerce giant Alibaba, criticized China’s financial system policies at the Bund Summit 2020 in October. Since then, his enterprises have become the target of Xi Jinping. At first, the listing plan for Ant Group, an affiliate company of Alibaba, was halted on Nov. 3. On April 10 this year, the Alibaba Group was fined $2.8 billion on the grounds that it violated an antitrust law, and Ma’s elite business school, Hupan University, was forced to halt enrolments. I don’t think Ma’s troubles are over. But why did Xi Jinping purge Ma? In my opinion, there are five main reasons: Xi’s Authority Is Untouchable On Oct. 24 last year, in the opening remarks, Wang Qishan, Vice President of the Communist Party of China (CCP), said at the Bund Summit that the bottom line is that no systemic financial risks should …