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China at truce with business – for now
Worried about decelerating growth, Xi Jinping has launched a charm offensive to convince investors the country is open for business
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Alibaba founder Jack Ma (second right) visiting Hangzhou Yungu School in Hangzhou, Zhejiang province, on March 27, 2023.
PHOTO: REUTERS
Joe Leahy, Ryan McMorrow, Thomas Hale and Ed White
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For more than two years, the Chinese authorities have been cracking down on large parts of the private sector, from indebted property companies to data-sensitive tech groups. The campaign was so intense that prominent tycoons such as Internet billionaire Jack Ma sought refuge overseas.
But this past week, just as China’s entrepreneurs were beginning to look like an endangered species, one of the most powerful regulators abruptly changed its tune.
