Chinese President Xi Jinping met with Jack Ma, the disgraced co-founder of the Chinese online store Alibaba, and other prominent Asian entrepreneurs.
According to international media, Ma’s presence points to a possible public rehabilitation of the businessman.
Ma gave a speech in October 2020 criticising the Chinese party leadership. He was not appreciated for this. Shortly afterwards, the Chinese authorities opened an investigation into Alibaba and Ma disappeared from public life for a long time.
Since then, he has only been heard from sporadically. Ma is considered one of the big names in Chinese business. The former English teacher founded Alibaba in 1999, building it into one of China’s most influential private companies.
Since taking office more than a decade ago, President Xi has pushed for a stronger role for state-owned enterprises in the world’s second-largest economy, warning against “uncontrolled” private sector growth.
But last week, it emerged that Xi planned to meet leading businessmen as he grapples with a property crisis, persistently low consumption, and high youth unemployment. State broadcaster CCTV reported Monday that the meeting had taken place in Beijing. Video footage showed Ma standing and applauding as Xi entered a plush hall.
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