Alibaba Founder Appears in Mainland China After Over a Year
Second-in-Command Li Chang Promises "Openness No Matter What"
Since transitioning to a "With-Corona" policy, China has been intensifying efforts to support economic recovery through private investment and attracting foreign capital. In particular, Li Chang, the 'second-in-command' Premier of the State Council, has repeatedly emphasized that China will remain 'open' no matter what situation arises, aiming to dilute the image of lockdowns and closures exposed over the past three years. Analysts suggest that the appearance of Alibaba founder Ma Yun, once a symbol of corporate regulation, was also timed deliberately.
According to the South China Morning Post (SCMP) in Hong Kong on the 27th, Premier Li Chang met with CEOs of multinational corporations at the China Development High-Level Forum held in Beijing, stating, "China is deeply connected to the global supply chain and will continuously lead global economic growth while providing a vast market for foreign companies," adding, "No matter how international circumstances change, China will unwaveringly continue to expand its openness."
The forum reportedly hosted over 100 top executives from global companies, including Samsung Electronics Chairman Lee Jae-yong, Apple CEO Tim Cook, Qualcomm CEO Cristiano Amon, Pfizer CEO Albert Bourla, and Bridgewater Associates Chairman Ray Dalio. SCMP explained, "With strict epidemic controls lifted and the country fully reopened, Chinese leaders have been intensifying efforts to attract foreign and private enterprises over the past few weeks."
Some interpret the recent appearance of Alibaba founder Ma Yun as part of China’s market-friendly approach. According to SCMP, Ma Yun recently appeared in Hangzhou, Zhejiang Province, where Alibaba’s headquarters are located, drawing attention. SCMP, owned by Alibaba, cited sources reporting that he visited the WinGu School he founded.
Ma Yun was known to have fallen out of favor with the Chinese government after publicly criticizing financial regulators in October 2020. The government imposed an antitrust fine of 18.2 billion yuan (approximately 3.4 trillion KRW) on Alibaba in 2021, and the IPO of Alibaba’s fintech affiliate Ant Group was halted. Ma spent most of his time in Japan and stayed in Hong Kong during this year’s Chun Jie (Chinese New Year). He is also reported to have recently visited Singapore, Australia, and Thailand.
Besides this, the government has continued to tame the big tech industry, including Alibaba, through high-intensity regulations and fines for over two years. Some analysts suggest that Ma Yun’s appearance and the related media coverage may signal the end of China’s "big tech crackdown."
However, Western media remain skeptical. On the 27th (local time), The Wall Street Journal (WSJ) quoted Sha Menglu, Director of Eurasia Group, saying, "His return should not be interpreted as a complete resolution of uncertainty," emphasizing, "However, the Communist Party’s structural influence over routine corporate operations carries political risks in the long term."
CNBC presented the view that Ma Yun’s appearance was the result of a "deal with the government." Professor Sun Xin of King’s College London told the outlet, "Through this, the government is trying to send a 'warm message' to the private sector and investors," adding, "If Ma Yun is perceived as pardoned, other companies will feel safe as well." He further explained, "Putting economic growth back on a normal track is likely a political priority for the Party," and "Making the status of entrepreneurs more optimistic is key."
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