Many wealthy people are considering leaving China

Jack ma, founder of Alibaba, an e-commerce giant, is a symbol of how the ruling Communist Party has humbled the rich. In 2020 he dared publicly to criticise financial regulators. Soon afterwards they spiked the $37bn initial public offering of Ant Group, Alibaba’s fintech affiliate, and investigated Alibaba itself for monopolistic behaviour. A chastened Mr Ma largely vanished from public life. In late 2021 he left China and spent time learning about farming and sustainable food production.

But after over a year’s absence, Jack is back. On March 27th photos emerged of him visiting a school in his home town of Hangzhou. He was reportedly persuaded to return by China’s new prime minister, Li Qiang. Mr Li is trying to reassure wealthy private entrepreneurs that, though they should know their place, they are still valued by the party.