Alibaba founder Jack Ma, once China's richest man but whose downfall and ouster after daring to criticize the Chinese Communist Party, visited the company's main campus in Hangzhou on Friday.
Mr. Ma ostensibly wanted to show support for the companies he founded but no longer runs, but Beijing's government has recently used him as a mascot to lure frightened foreign investors into China's sinking economy. I'm trying to call you back.
of South China Morning Post (SCMP) Found The symbolism of Ma's visit to Hangzhou is undeniable, especially as China prepares for a new trade war against President-elect Donald Trump.
Mr Ma's visit was his first known return to his hometown since March 2023, when he visited the school he founded. Although Ma stepped down as Alibaba's executive chairman in 2019 and has kept a low profile since 2020, he remains the company's spiritual leader and is widely seen as the face of Chinese entrepreneurship.
His low-key visit to the Alibaba campus comes at a time when the world's second-largest economy faces a number of challenges, from a persistent downturn to a resurgence in the real estate market. It was carried out at a time when the government was trying to increase its Geopolitical headwinds are blowing after US President-elect Donald Trump threatened to impose additional tariffs on imports from China.
“The Face of Chinese Entrepreneurship” disappeared Suddenly in October 2020 after boldly criticizing the Chinese Communist Party's hidden economic policies at a conference in Shanghai.
Ma was removed from government websites and replaced by a popular TV game show host and investigated for antitrust violations. Ordinary people went from hug him They described him as “Daddy Ma,'' the embodiment of business success, and called him an “evil capitalist'' and “a vampire ghost.''
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Mr. Ma's financial company, Ant Group, was fined $1 billion and much of his personal fortune evaporated. Alibaba is broke up The split by regulators into six independent governing bodies is a blow to Mr Ma's legacy, but is also widely interpreted as a sign that the party's battle against high-ranking tech tycoons is nearing an end. has been done.
Ma resurfaced in late 2022, living in exile in Japan, completely cut off from the Chinese business and financial world. He finally returned to China in March 2023, just after the Communist government had terrorized both domestic executives and foreign investors with a series of pandemic-induced lockdowns and a crackdown on the tech industry.
There were rumors that Ma's return was orchestrated by Premier Li Qiang, who was tasked by dictator Xi Jinping with restoring the confidence of investors and entrepreneurs. Li reportedly contacted Ma's friends in Japan and persuaded him to feel comfortable visiting his hometown of Hangzhou, where he worked as a school teacher before launching Alibaba.
Mr. Ma was once a flamboyant media presence, but since his rebellion and exile, rarely appears in public. When Li persuaded him to return to the country in March 2023, he visited schools and visited Alibaba's campus on Friday, ostensibly to boost sagging morale.
by letter Posted Ma posted on Alibaba's internal website in September to celebrate the company's 25th anniversary and advise employees to be strong in the face of “fierce competition in various industries.”
“This is to be expected since no company can remain on top in any field forever,” he wrote.
alibaba It worked fine It has outperformed many other Chinese companies in the past year. The company grew 5%, or $33.7 billion, in the second quarter, beating analysts' expectations of $33.47 billion. Most of the units spun off from the main company last year also grew.
Regarding the broader Chinese economy, Oxford University researcher George Magnus says: said Deutsche Welle On Friday, Beijing's leadership announced that it had “finally recognized that the economy appears to be losing momentum and is not temporary.”
Despite this growing acceptance, Magnus accused Chinese leaders of implementing policies that amounted to little more than “avoidance” of the problem, including disappointing economic measures launched in early November. Rather than just restructuring the debt of bankrupt municipalities, rather than stimulating demand.
“I'm not saying Beijing will be empty-handed when it comes to further stimulus, but I think the government's priority is certainly not to change its development model to a more consumer-driven, welfare-oriented economy.” said.
