Chinese President Xi Jinping held a rare meeting on Monday with prominent business leaders from the country’s technology sector, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei. The gathering, which took place in the ceremonial Great Hall of the People, was seen as a show of support for private companies amid growing US pressure on China’s technological development.
The move reflects Xi’s concern about a slowdown in growth and his efforts to rally private firms to compete with the United States. Analysts say that the Chinese government needs the private sector to drive innovation and economic growth, particularly in tech.
Private companies contribute significantly to tax revenue, economic output, and technological innovation in China. However, US tariffs have put pressure on the world’s second-largest economy, which has been struggling with weak domestic consumption and a debt crisis in the property sector.
Xi delivered a speech after listening to executives, but gave no details of his remarks. The meeting comes as tech shares in Hong Kong have jumped recently due to optimism about new AI breakthroughs and a thawing of authorities’ approach to internet giants.
Attendance by Jack Ma has the potential to boost confidence among business leaders, analysts say. Ma’s presence is seen as significant after he largely withdrew from public life following a regulatory crackdown on his fintech company Ant in 2020. The meeting aims to inject confidence into China’s private industry and encourage companies to expand their businesses amid the US-China tech rivalry.
The gathering marks a shift in Beijing’s approach, which has focused more on regulation than support for private companies since 2018. Analysts say that Xi’s move is a tacit acknowledgement of the government’s need to support private firms to compete with the United States.
Source: https://www.reuters.com/world/china/chinas-xi-attends-symposium-private-enterprises-delivers-speech-2025-02-17