At the Shanghai Bund Financial Summit at the end of October 2020, a speech by Jack Ma angered the entire financial regulatory system and allowed regulators to see clearly Jack Ma's ambitions in the financial field.

At the Shanghai Bund Financial Summit, Jack Ma first slammed Europe's Basel Agreement as aging, leaving the European financial system as a whole lacking in innovation.

Later, Jack Ma changed the topic and commented that there is no financial systemic risk in China because China's finance is basically unsystematic.

Jack Ma criticized the Basel Agreement and attacked the country's banking risk supervision system with a very clear purpose, which is to break away from the institutional supervision of market regulators and to break away from the constraints of the Basel Agreement.