Jack Ma Returns to China as Beijing Seeks to Boost Confidence in the Tech Sector

by time news

Alibaba founder Jack Ma has returned to mainland China on a rare public visit that comes as Beijing tries to restore confidence in the business class after years of crackdowns on the technology sector.

Ma traveled to his hometown of Hangzhou, where Alibaba is headquartered, to visit the Alibaba-funded Yungu School, according to the school, which primarily educates the children of Alibaba employees. In an article posted on her WeChat account on Monday, the school quoted Ma talking about the challenges artificial intelligence poses to education.

The former English teacher and educational philanthropist discussed the need for educational reform so that children can compete with AI in the future. Beijing hopes the publicity surrounding Ma’s rare trip to mainland China can reinvigorate business confidence after the end of a severe regulatory crackdown and zero Covid restrictions.

Billionaire Ma was once a leading figure in China, giving candid interviews to the media and taking the stage in flamboyant attire and rocking company galas. Just days before fintech group Ant Financial’s $37 billion initial public offering in November 2020, Ma delivered a speech in which he attacked China’s financial regulators and banks. The speech prompted President Xi Jinping to forcibly withdraw Ant and sparked a crackdown on the country’s biggest tech groups.

Since then, Ma has avoided media attention and spent more and more time outside China.

Government officials in Zhejiang Province, home to Hangzhou, have stepped up their charm offensive with Alibaba, dispatching senior local Communist Party officials to the company’s headquarters and signing a strategic cooperation agreement.

Ma’s return to mainland China comes as Ant Financial’s future remains uncertain. He relinquished control of Ant Group in January, greatly reducing his stake in the company. A change in control could pave the way for a listing in Hong Kong or Shanghai.

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