HANGZHOU, China
Billionaire Jack Ma has long cast himself as a freewheeling champion of young people and small businesses the “ants” of China offering them quick online loans so they can realize the
“You’re young; just spend,” said the ads for Huabei, a credit card-like feature on Ma’s financial app Alipay, beckoning a generation of fresh graduates to cities filled with shopping malls.
Shen Xiaoli, 25, bought into Ma’s vision. Huabei funded Shen’s first iPhone. It helped her afford an internship in Beijing. Soon she was using it for a variety items, including taxis and groceries. The bills piled up. Her debt grew: “I felt like I’d never finish paying it back,” Shen said.
Just spend and just borrow, Jack Ma told China s youth Then came the bill msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.