Technology AI, Science and New Things
Chinese tech giant Alibaba’s share price is up 50 per cent this year, fuelled by an AI-driven rally and signs that its co-founder, Jack Ma, is back in the CCP’s good books.
Ma was the highest-profile casualty of Xi Jinping’s crackdown on tech and the private sector in 2020, when Chinese authorities punctured plans to float Ma’s Ant Group, an Alibaba affiliate.
While Ma was out in the cold, executives Joe Tsai and Eddie Wu set about refining Alibaba’s AI and e-commerce operations.
Last month it released its own AI model, Qwen, which has performed well in benchmark tests.
Ma’s rehabilitation reflects a recalibration in the relationship between private enterprise and the Chinese government, this time in light of the AI arms race.
But make no mistake, Xi is still in control. Last year, executives from more than 80 listed companies were detained, often by authorities from regions unrelated to their businesses – a practice the Chinese media calls “long-range fishing”.
