Overseas investors panicked last year when the Chinese government said it would ban foreign investment in home-grown internet firms. That was swiftly followed by an apparent u-turn. China now says it will allow overseas ownership as long as the majority stake remains in Chinese hands. Ma is aware of the unease that his government's pronouncements have caused, but he believes its stance will soften. That is likely to happen later this year.
Foreign firms can invest, but it has to be step by step.
It is changing and I do not envisage any problems. When pressed about the government's cautious attitude to the internet, Ma chooses his words carefully. The internet is so new to any government and especially to the Chinese government. In his less guarded moments, Ma is a little more candid. Ma was a university lecturer at the time, but an early encounter with the Web on a trip to America convinced him that the internet could form the basis of a successful business.