A seminar marking the 30th anniversary of the Guangcai Program, a public undertaking that aims to unite private entrepreneurs to promote common prosperity, in Beijing, Oct. 14, 2024.
Gao Jie/Xinhua News Agency via Getty Images
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Gao Jie/Xinhua News Agency via Getty Images
BEIJING — Every once in a while, China’s government makes a high-profile effort to right a wrong or rehabilitate a well-known person who has fallen from favor. They are gestures to restore public confidence in authorities.
And restoring confidence is vital for China’s economy, as it struggles to maintain slowing growth amid a mounting trade war with the U.S.
In meetings with foreign investors and domestic entrepreneurs this spring, the government has taken pains to reassure them of official support and protection, telling them they have a green light to start businesses, create jobs and benefit society. But this is a message that entrepreneurs have heard at other times over the decades, and it points to a fundamental tension between the state and private entrepreneurs.
The return of Jack Ma
One of the most telling examples was the reappearance of Jack Ma, former CEO of Chinese e-commerce giant Alibaba.
Alibaba’s co-founder Jack Ma (center) attends a meeting marking the 40th anniversary of China’s “reform and opening up” policy at the Great Hall of the People in Beijing in December 2018.
Wang…