Fangs In: Yu E Bao Is Not to Blame

Niu Wenxin, the executive editor of CCTV's Stock Information Channel, recently called Alibaba's e-investment product Yu E Bao a "vampire" in a blog article. He wrote that it should be banned because of the damages it does to banks, the financial industry and the country's real economy.

It is understandable that some are feeling threatened by the sudden rise of a new force in the financial industry, in this case the Internet. Unlike the top-down reform plan of the third plenum of the Communist Party's 18th Central Committee, the Internet is changing the country from the bottom up.