Jack Ma returns to China as govt allays private sector fears
-
Loading... - Helena Guskov
- 27 Mar 2023
- 63 Views
- 0 Like
- 0 Comment
Jack Ma, billionaire founder of Alibaba Group, arrives at the "Tech for Good" Summit in Paris, France, May 15, 2019. (Reuters Photo)
BY REUTERS MAR 27, 2023 5:56 PM
Alibaba founder Jack Ma has returned to China, ending a stay overseas of more than a year that the industry viewed as reflecting the sober mood of its private businesses, and which sources said eventually spurred the new premier to reach out. The return of China's best-known entrepreneur may help to quell the concerns of its private sector after a bruising two-year regulatory crackdown.
Ma's re-emergence in public offers support for the government's softening tone toward the private sector as leaders try to shore up an economy battered by three years of COVID-19 curbs. Online talk of Ma's return began emerging on Chinese social media early Monday, before being confirmed by a school he had visited and the newspaper, the South China Morning Post, which is owned by Alibaba.
During his visit, Ma, a former English teacher, discussed topics such as artificial intelligence-powered chatbot ChatGPT and also said he hoped to return to teaching one day, the Yungu School said on its official WeChat account. The school was founded by Ma and other Alibaba founders in the e-commerce giant's eastern home city of Hangzhou in 2017.
Ma returned to China last week, two sources with knowledge of the matter said. Reuters was not able to establish how long he plans to stay in China this time around. China's new premier, Li Qiang, a close ally of President Xi Jinping, had recognized Ma's return to the mainland could help boost business confidence among entrepreneurs and since late last year had asked Ma to return, five sources with knowledge of the matter told Reuters.
Some of these efforts involved asking people close to Ma, such as his business associates, to persuade the Alibaba founder in person while he was living in Japan, two of the sources said. Reuters was not immediately able to establish whether Ma had returned because of Li's efforts. Read More…
