InstaForex

November 5, 2021

Jack Ma Rises Again After ‘Resting’, Beijing’s Anger Laws

 Jack Ma, a millionaire and founder of China's leading e-commerce website Alibaba, has begun his first tentative move to return to the global stage by making a short visit to Europe after a year of sanctions by Beijing.


Beijing's sanctions on Ma began in 2017 when the world's leading millionaire paid a visit to New York to meet with former US president Donald Trump a day before the inauguration and deal to create a million jobs in America.


The visit and discussions had shaken the Chinese government when they found Ma conducting an informal question -and -answer session with several reporters in the lobby of the Trump Tower building.


According to some sources, Beijing is not happy about Ma's meeting with Trump which did not get any prior approval.


The Ma charity foundation tasked with handling media inquiries remained silent on the matter. The State Council Information Office and the Ministry of Foreign Affairs also declined to give any statement on the issue.



The story of Ma’s fall illustrates how quickly China changed under President Xi Jinping’s rule. Xi had cracked down on the Ma empire in his speech in Shanghai in October last year accusing the financial watchdog of blocking innovation.


Regulators suspended the listing of $ 37 billion fintech firm Ma two days before a planned debut on Nov. 5 that ordered restructuring and an antitrust investigation has led to Ma's business being fined $ 2.75 billion in April.


According to sources from Reuters, earlier this year Ma had written directly to Xi stating where he would devote the rest of his life to China’s rural education but was unsure whether Xi approved or responded to the offer.


Sources from Alibaba's South China Morning Post said Ma had visited Europe last month for a "study tour in the agriculture and environment -related technology sectors".


In the grand clipping shows Ma wearing a white protective gown as well as holding a vase of flowers and stated the millionaire will continue to visit several companies and research institutions involved in agricultural and plant breeding infrastructure in Europe.