AI & Tech
China Shut Down Alibaba and Tencent Social Credit System Backed by Goldman Sachs
The Duran
How China Escaped Banker Shock Therapy w/ Cynthia Chung
What was said
"Alibaba and Tencent were at the forefront of something that you can see people like Hank Paulson wanted to see come about. Goldman Sachs is totally the one that gave Alibaba its start. China itself does not have the government doesn't have any major state stakeholding in the company."
Chung reveals that Alibaba and Tencent, both registered in the Cayman Islands and backed by Goldman Sachs, attempted to implement predatory peer-to-peer lending platforms with social credit reward-punishment systems in China. The Chinese government under Xi Jinping intervened with regulations requiring 30% reserve holdings, effectively shutting down these fintech banking operations. This contradicts Western narratives about Chinese government social credit systems.
Verification status
Attributed speaker claim
Egleze verified who said this and where. The underlying claim has not been independently established by Egleze.
Source and context
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- Programme
- The Duran
- Episode
- How China Escaped Banker Shock Therapy w/ Cynthia Chung
- Clip time
- 7:39
- Original source
- Watch the source segment →
From this episode
The Duran