Xi Jinping Brings Back Jack Ma from Oblivion for Tech War with US
Chinese President Xi Jinping with Alibaba founder Jack Ma (Image credit Video grab CCTV)
Xi Holds Conference with Tech Czars in Trump Shadow
By Raisina Correspondent
New Delhi, February 17: After five years, Chinese President Xi Jinping brought back Jack Ma at the Centre stage of China’s strategy to fightback the US pushback. Xi held a symposium with tech czars of China to send a message of support to private enterprises.
Ma had disappeared after his famous speech in 2020 at Bund Finance Summit in Shanghai. He had accused excessive regulations in China of stifling the private enterprises. Afterwards, Xi’s China embarked on a crackdown on tech czars, which wiped out $1 trillion of their stock market valuations in quick time.
On Monday, Xi shook hands with Ma. “According to the video, Huawei’s Ren Zhengfei, Alibaba’s Ma Yun (Jack Ma), Xiaomi’s Lei Jun, BYD’s Wang Chuanfu, and Unitree Robotics’s Wang Xingxing participated in the symposium,” said Ifeng News in a post on X.
Erik Green, a China researcher, in a post on X said that “today’s meeting with private entrepreneurs (including Jack Ma) is most likely a tactical adjustment to boost the private sector rather than a structural shift. As the released photo symbolises, private businesses will continue to be directed and take instruction from the Party.”
Zhang Heqing, a Chinese commentator, stated that “China’s move to embrace entrepreneurs like Jack Ma from Alibaba, along with leaders from Huawei, Xiaomi, BYD, and UnitreeRobotics, is a clear testament to the government’s unwavering support for the private sector”.
“This not only empowers domestic economic growth but also showcases China’s open and inclusive economic stance to the world,” added Zhang in a post on X. Xi is seen looking within domestic corporate strength amid pushback from the US and Europe.
The reproachment of Xi’s regime with tech czar is already fuelling a stock market rebound in China. Susan Li, a television anchor with Fox News, said that “China is open for big business again. The DeepSeek breakthrough has driven $1.3 trillion into China stocks in the past month”.
Xi-Ma reproachment has also fuelled a massive rally in the stock of Ali Baba in China. Xi’s U-turn on tech czars is seen by observers as his tactical adjustment to US President Donald Trump intensifying rivalry with China. Beijing accused the US of blocking a consensus declaration on AI Summit in Paris this month.
The Chinese Communist Party (CCP) in a move to boost the economy had asked last year provincial governors for support to the private sector to take more risks.
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