Chinese billionaire Jack Ma has returned to China after a year of overseas travel in a so-called self-exile. Reportedly, his comeback has been initiated by Chinese authorities who are trying to repair their reputation with the local entrepreneurs. Apparently, the Chinese government has been seeking to raise confidence in the private sector after regulatory crackdowns on the technology industry. Let’s recall how it all started. In 2020, Alibaba founder Jack Ma publicly criticized China’s regulators and its financial system. Mr Ma accused China’s state-run banks of behaving like "pawn shops" and creating obstacles for tech innovations. He argued that the country’s economy needed bold new players that could extend credit to the collateral poor. Since then, life has got more difficult for Jack Ma as criticizing authorities is something you would like to avoid in China. Shortly after, the regulators put the brakes on Jack Ma’s business as part of their massive crackdown on the entire tech sector. In late 2022, the entrepreneur disappeared from public life and reportedly moved to Japan. He was keeping a low profile with reported sightings in numerous countries over the past year. Yet, his exile did not last long. In late March, various local media agencies began to report that Jack Ma had returned to China. He visited the Yungu School in Hangzhou which was established by him and his partners. Mr Ma discussed technologies such as ChatGPT and the future of artificial intelligence. Amid this news, the shares of Alibaba Group surged by 5.5%. According to Bloomberg, Chinese authorities “made attempts to persuade Ma to return and help showcase government support for the business community.”
