The return of China’s most famous businessman could help quell concerns among private-sector businesses following a regulatory crackdown.
Jack Ma, the founder of tech giant Alibaba, has made a rare public appearance in China, likely signaling the government’s efforts to quell concerns in the country’s tech sector. following a two-year regulatory crackdown.
China’s most famous businessman has remained tight-lipped since late 2020 when he delivered a speech attacking Chinese regulators, followed by Beijing’s withdrawal of plans for an initial public offering. of Ant Group, a subsidiary of Alibaba. A record $2.75 billion fine was later imposed on the company for alleged unfair practices.
Ghosts have been spotted around the world over the past two years and are believed to live in Japan for most of 2022.
He returned to China last week, according to two sources with knowledge of the matter cited by Reuters news agency. It is unclear how long he plans to stay in China.
school visit
On Monday, he visited a school set up by Alibaba partners in the eastern city of Hangzhou, according to a post on the school’s official social media account.
Ma, a former English teacher, met with staff and toured classrooms before talking about the challenges artificial intelligence (AI) can pose to education.
“ChatGPT and similar technologies are just the beginning of the AI era,” the post quoted Ma as saying. “We should use artificial intelligence to solve the problem instead of being controlled by it.”
Ma is one of the most prominent targets in officials’ crackdown on alleged anticompetitive practices by some of China’s biggest names in the tech sector, due to concerns that companies Big internet companies control too much data and have expanded too fast.
Ant’s nest said in January that Ma has ceded control of the fintech company, adjusting its ownership structure so that “no shareholder, alone or with other parties, will have control of Ant Group.”
In a sign that the official grip may now be loosened, authorities said in December that Ant had won approval to raise 10.5 billion yuan (1.5 billion yuan). USD) for its consumer finance arm.
Analysts say Ma’s public reappearance supports a softer government policy towards the private sector as leaders try to revive an economy battered by three limited year COVID-19.
Zhang Zihua, chief investment officer at Beijing Yunyi Asset Management, told Reuters that Ma’s return “boosts the sentiment of the internet industry and the broader platform”.
“Because that means the top management is really rethinking the place and importance of platform companies in China’s economic development.”
Zhang added: “Previously restrictive policies for the platform and internet sectors are also expected to be adjusted.
Shares of Alibaba jumped more than 4% after news of Ma’s return to China before giving up some profits.
