China’s President Xi Jinping has signaled a significant shift in his approach towards the country’s tech billionaires, particularly Jack Ma. The move comes after Ma was purged from public life in 2020 due to Ant Group’s cancelled IPO and Alibaba’s record fine.
Historically, the Chinese Communist Party (CCP) has followed a pattern of purging senior officials before welcoming them back years later. This approach is seen in the case of Deng Xiaoping, who was purged three times before leading China out of Maoism in the late 1970s.
Now, Xi appears to be extending an olive branch to Ma and other prominent tech figures. The Chinese leader has been making efforts to improve relations with China’s tech billionaires, allowing them to re-engage with public life. This move is seen as a strategic attempt to boost innovation and economic growth in the country.
The move comes at a time when China’s tech sector is experiencing rapid growth, driven by advancements in AI, medicines, defence technology, and hardware. Ma’s return to public life could mark a significant turning point for China’s tech industry, potentially leading to increased investment, innovation, and global influence.
Source: https://www.economist.com/business/2025/02/17/xis-rehabilitation-of-jack-ma-may-be-the-most-lucrative-ever