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Jack Ma’s comeback?

Published: 24 Feb. 2025, 00:01

Yoo Sang-chul

The author is the head of China Lab at the JoongAng Ilbo.

Jack Ma has returned. Last week, he made a public appearance at a forum convened by Chinese President Xi Jinping — his first in more than four years.

The Alibaba founder, once hailed as a god of wealth in China, had seemingly disappeared from public view after crossing the wrong line. Trouble often begins with words, and Ma learned this the hard way. In October 2020, at a financial summit attended by Wang Qishan, a close ally of Xi, Ma likened China’s financial system to pawnshop lending, openly criticizing the government. The consequences were swift — he was effectively banished, forced to drift abroad, and speculation grew that his time was over.

Chinese President Xi Jinping shakes Jack Ma's hand at a forum convened by Xi on Feb. 17, 2025. This gesture made Ma one of only three business leaders to receive such a gesture. [CCTV]

Yet now, he has reappeared at Xi’s forum. Does this mean he has been politically rehabilitated? The answer isn’t entirely clear. China’s official news agency, Xinhua, did not mention his name in its official report on the event, and he was seated not in the center, but at the periphery. Furthermore, while six business leaders, including Huawei founder Ren Zhengfei, were given the floor to speak, Ma remained silent.

Ma’s muted presence appears to be a carefully calculated message from the Chinese authorities. The mere fact that Xi personally invited Ma to the forum is significant. Since March 2023, Ma had returned to Hangzhou at the request of Premier Li Qiang after spending time in Japan and Thailand. However, he had yet to receive Xi’s explicit recognition — until now. At the forum, Xi not only invited Ma but also shook his hand, making Ma one of only three business leaders to receive such a gesture.

In that sense, Ma was not humiliated, but neither was he warmly welcomed. The message is clear: Xi is permitting Ma’s return, but he has not fully reinstated him. Given China’s economic struggles, the government may be offering him a chance to contribute again — but with strict conditions. The underlying warning seems to be: You may return, but do not overstep your bounds.

Ma himself seems to fully understand Beijing’s narrative. In what appeared to be a gesture of loyalty, he attended the forum wearing a zhongshan suit, the traditional attire favored by Chinese leaders. Like the other executives present, Ma was seen diligently taking notes as Xi spoke, his head lowered in deference — a stark contrast to four years ago, when he openly criticized the government before high-ranking officials.

This illustrates the limits of Ma’s return. He may be back, but he is no longer operating outside Beijing’s framework. The real question is: Can he still be the icon of innovation he once was under these constraints?

There is an old saying: "Spring has come, but it doesn’t feel like spring." Perhaps Ma’s return is not truly a comeback at all.

Translated using generative AI and edited by Korea JoongAng Daily staff.