Beijing has mobilized its corporate guard to support President Xi Jinping’s vision for a “new productive force” that will drive economic growth, technological self-reliance, and supply-chain security. The new lineup of entrepreneurs, including tech giants Huawei, Alibaba, Tencent, Xiaomi, and AI start-up DeepSeek, was unveiled at a symposium hosted by Xi in 2023.
In contrast to the 2018 meeting where smaller firms were represented, this year’s gathering highlights Beijing’s focus on powerful Chinese companies that have triumphed in the face of US pressure. The presence of Alibaba’s Jack Ma and Tencent’s Pony Ma, who had largely withdrawn from public life after authorities halted their fintech company’s IPO in 2020, was seen as a sign of rehabilitation.
The symposium is part of Beijing’s efforts to revive its struggling economy, which has been weighed down by a years-long property market slump and sluggish consumer spending. Xi urged the tycoons to “show their talent” and be confident in China’s model and market, while ensuring that private companies could compete on equal terms with state-owned companies.
Analysts say that Xi is rallying troops from the business sector to fight a geopolitical battle rather than signal a strategic structural shift in the way Beijing manages the economy. The seating of executives at such key meetings is seen as illustrating companies’ standing.
Xi’s commitment to private enterprises is reflected in the upcoming draft of the Private Economy Promotion Law, which aims to create a legal environment that ensures equal treatment and protection of private companies. While markets have cheered the meeting as a signal that private enterprise will be treated kindly, investors remain cautious due to previous disappointments.
Source: https://www.reuters.com/world/china/xis-new-frontline-corporate-guard-showcases-his-priorities-control-2025-02-18