Jean Liu is the CEO of Didi. (Photo : Getty Images)
The heads of two major Chinese companies, Didi Chuxing and Alibaba Group do not believe that China has an economic bubble.
The president of the Alibaba Group, Kyle Evans, disagrees with some analysts said about the Chinese economy heading for a crash. One critic who said this was Jim Chanos, a famous short-seller.
"Many of the things that Jim has focused on are actually real concerns, which the Chinese regulators and leaders are also focused on," Evans said.
He added, "But we have confidence that they both understand the magnitude of the issues and are thinking about solutions that will be sustainable in the long term."
Evans said that the Chinese government is making sure that the pillars of the economy are on stable footing.
"If you think about China today as a market that is very dependent on the big four banks . . . then you have to understand that the government and regulators are very concerned that those banks remain safe because they are the central pillars of the economy," Evans said.
The Chinese market is encouraging entrepreneurship, according to Didi Chuxing's CEO Jean Liu. Ashe said that American firms should stop regarding it as "copycatting."
She said that China is the "most competitive market ever."
Apple put $1 billion in investment in Didi. Tim Cook, the company's CEO, said, "We think that we'll learn a lot about the business and the Chinese market beyond what we currently know. Didi has an incredible team there."
Liu said, "Thanks to the competition we become stronger and more innovative. We will play a global game."
Evans noted that the competition in the market will be good for companies inside and outside of China.
"I believe that . . . foreign technology companies will be successful in China," Evans said. "I also believe that Chinese technology companies, including Didi, probably Alibaba, will be successful in the U.S. and Europe. But that is the challenge and the most difficult parts of globalization for us."
