What do you think the reasons why the Chinese government and President Xi Jinping didn't arrest him? "He is very valuable to the Chinese economy and he is so successful that he has not been touched, but he did cross the line with his speech in Shanghai," said Richard McGregor, an observer from the Lowy Institute.
The speech was meant to criticize China's outdated financial system, angering the Chinese government and Xi Jinping. However, it is believed that Jack Ma was not arrested or severely hit by witnesses, as evidenced by his appearance. It could be said that he was only taught a lesson.
"Xi Jinping presses big private companies, makes sure they work for the Party, makes sure they are not too big. No private company is too big to be punished," Gregor added, as quoted by ABC, Tuesday (2/2/2021).
Alibaba is under investigation by the Chinese government for alleged monopolies, as is another of Jack Ma's companies, Ant Financial, whose IPO was canceled. However, that doesn't mean they will be paralyzed by Xi Jinping.
"I think Alibaba will still be a substantial company and Jack Ma will certainly still be an important businessman. But his wings have been taken away," said Gregor.
From previously almost ruleless and rapidly growing, the Chinese government is now trying to control the tech giants but their actions are predicted not to be too harsh.
"The fact that Ant is not splitting up and Jack Ma has emerged sends the message that the country is not going to kill its internet business platforms and tycoons, but to make sure they carry out the country's agenda," said John Lee, senior analyst at the Mercator Institute for China Studies (MERICS).