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Gloves off in China as banks, Alibaba invade each other's turf

Banks have been striking back by pushing into the business Alibaba's Jack Ma (above) pioneered in China, online malls.


CHINA is the scene of a growing rivalry: In one corner is billionaire Jack Ma's Alibaba Group Holding, which holds the title as the country's biggest online retailer. In the other are China's biggest banks. This week, Alibaba is launching MYbank, an online lender that will tap