Analysis

Back in favour. Why China’s Xi needs Jack Ma more than ever

The Chinese president’s symbolic handshake this week with exiled billionaire Jack Ma shows Beijing needs tech entrepreneurs to revive the economy.

Jessica SierNorth Asia correspondent

Feb 21, 2025 – 11.50am

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Tokyo | When shunned billionaire Jack Ma stepped forward this week to shake hands with Xi Jinping in Beijing, the message was clear.

China’s private tech entrepreneurs and chief executives had gathered in the Great Hall of the People for a so-called symposium. They studiously took notes as the president gave a speech and images beamed from Chinese state television. But the signal to everyone was obvious.

Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.