Critics who say there is a bubble in the Chinese economy are getting a lot wrong, two tech industry leaders said on Thursday.
Michael Evans, president of Alibaba Group, said he's "not particularly concerned" with criticisms from hedge fund manager Kyle Bass or famed short-seller Jim Chanos. Chanos told CNBC yesterday that he though real estate and debt in the country was headed for a bubble, while Bass said the banking system had assets that were built "recklessly."
Evans called the comments prognostications, based on misinformation of the country's real challenges.
"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. "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 spoke at Vanity Fair's 2016 New Establishment Summit in San Francisco, inspired by "figures who are setting the global agenda and leading the Age of Innovation."
He was joined by Jean Liu, president of Didi Chuxing. Ride-sharing company Didi Chuxing has drawn attention from technology giants around the world for doing an Uber-like business at massive scale.
Both said there are many misconceptions of China in the West. Evans said between his years of experience in finance and two decades working in China, he's confident that the transparency of both economic and financial information in China rivals that of the rest of the world.