Jack Ma, Alibaba Group’s founder, recently attended a symposium with Chinese President Xi Jinping, signaling Beijing’s focus on leveraging innovative technologies for economic growth. Following the cancellation of Ant Group’s IPO in 2020, China tightened regulations across the internet sector, impacting platforms like Douyin, Kuaishou, Alibaba, and Tencent. During this period, Ma stayed abroad, engaging in various activities. By mid-2022, regulatory pressures reportedly eased, and Ma returned to China in 2023, delivering a speech at Alibaba’s Hangzhou headquarters in 2024. Observers suggest Ma’s return aims to demonstrate China’s openness to technology companies. Alibaba’s shares rose significantly, alongside other tech firms. The symposium underscored the potential of China’s private economy amid global economic turbulence. Chinese advancements in AI, robotics, and electric vehicles have drawn international attention. Ma’s presence symbolizes the achievements of early Chinese internet firms, fostering new tech startups. The ‘Six Little Dragons’ in Hangzhou exemplify emerging tech innovators, contributing to China’s technological landscape. Despite capital outflows since early 2023, attributed to domestic consumption, US-China tensions, and US rate hikes, China seeks to bolster foreign investment through its tech initiatives. Alibaba’s AI strategy, focusing on artificial generative intelligence, gained investor confidence, especially after partnering with Apple for AI features on iPhones. Analysts recommend a positive outlook on Chinese equities, citing regulatory easing, technological advancements, and stabilized sectors. However, highlighting the tech sector might provoke US-China hawks to advocate for sanctions against Chinese tech startups. — news from Asia Times
