Following self-exile, entrepreneur Jack Ma returns to China

Robert Besser
30 Mar 2023, 15:16 GMT+10

After more than a year of self-imposed exile overseas, Alibaba founder Jack Ma has returned to China
After two years of the government's draconian regulatory crackdowns, the return of China's best-known entrepreneur may help to ease the concerns of its private sector
Since last year, Lithe country's new premier, Li Qiang, a close ally of President Xi Jinping, had begun asking the Alibaba founder to return

BEIJING, China: After more than a year of self-imposed exile overseas, Alibaba founder Jack Ma has returned to China, allegedly due to the country's new premier, Li Qiang, reaching out to him.

After two years of the government's draconian regulatory crackdowns, the return of China's best-known entrepreneur may help to ease the concerns of its private sector, and could be a sign of support for the government's softening line towards the embattled sector, in an effort try to drive the economy, which has been harmed by three years of COVID-19 restrictions and business slow downs.

Since last year, Li, a close ally of President Xi Jinping, had begun asking the Alibaba founder to return, including by asking people close to Ma, such as his business associates, to persuade him in person while he was living in Japan, Reuters reported.

After his empire and the technology industry were targeted by Beijing's regulatory crackdown, Ma's exile abroad symbolized the decline of China's private sector.

Ma's speech in 2020 criticizing China's regulatory system was the alleged spark for the tighter government scrutiny and caused his withdrawal from public activity.

Since leaving mainland China in late 2021, Ma has been seen in photographs in various countries, including Japan, Spain, Australia and Thailand.

Meanwhile, Zhang Zihua, chief investment officer at Beijing Yunyi Asset Management, said Ma's return, "boosts the sentiment of the broader platform and internet industry," as quoted by Reuters.

"Because that means the new top leadership has indeed been re-examining the position and the importance of the platform companies in China's economic development," he added.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.

More Information

62 ℉

Cloudy in Wenatchee

International

Section

Amtrak nearly at pre-COVID-19 ridership levels, says official

WASHINGTON D.C.: Amtrak CEO Stephen Gardner said this week that despite projected losses of $800 million for the current budget ...

US to pay $570 million to eliminate dangerous rail sites

WASHINGTON D.C.: The Biden administration has announced that it is providing grants worth $570 million to eliminate many dangerous railroad ...

No confirmation, as reports say King Charles going to France in fall

PARIS, France: According to a report by BFM TV, Britain's King Charles is considering a visit to France in September, ...

US to get tough as drone disrupts Pittsburgh airport

WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...

New Oregon gun law being challenged in court case

PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...

After removing Columbus statue, Philadelphia sued for return

PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...

Sports

Section