Xi Jinping offers support to Jack Ma, other private sector leaders in China

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Xi Jinping offers support to Jack Ma, other private sector leaders in China - Business Standard

Quick Summary:

In 2015, the year after Alibaba pulled off what was then the world’s largest initial public offering, Xi and Ma met on the sidelines of a US business summit that also included foreign executives like Tim Cook and Mark Zuckerberg.

We’ve seen a continuing shift in tone from Beijing towards the private sector: tolerance, improvement, and encouragement. It remains unclear to what extent authorities plan to shift their stance toward the private sector.

Ma was the highest-profile casualty of Xi’s crackdown on the internet and private sector in 2020, when authorities scuttled the blockbuster initial public offering of Alibaba-affiliate Ant Group Co.