China’s national president Xi Jinping spoke on Monday at a symposium attended by business leaders including Alibaba co-founder Jack MA, state media said Beijing’s economy slowing and growing tensions with the US It was reported that they are working on it
Other private business leaders who participated in the symposium included Huawei founder Ren Zhengfei, Xiaomi’s Lei Jun, Byd’s Wang Chuanfu, Unitree’s Wang Xingxing, and CATL’s Robin Zeng.
Meituan’s Wang Xing, China Feihe’s Leng Youbin and Will Semiconductor founder Yu Renrong were also present, the video shows.
Tencent’s Pony Ma was there too, and a source familiar with the matter said he refused to be named because details about the meeting were not made public. Tencent did not respond immediately to requests for comment.
Xi gave a speech after hearing from representatives of private companies, said Xinhua, the official news agency. The report did not provide details about the symposium held at the Beijing People’s Conference.
Reuters on Friday planned to chair a symposium to raise public sentiment on Monday, citing sources, with country business leaders, including Alibaba’s Jacques Ma.
The symposium aims to raise public sector sentiment, with XI expected to encourage corporate chiefs to expand domestically and internationally amid the intensifying Chinese and US tech wars. The source said.
The symposium comes as Deepseek’s AI platform sparked investor speculation about the possibility of supporting China’s broader technology sector, leading to demanding a rise in Chinese assets.
Xi has long underscored the need for China to achieve semiconductor self-sufficiency and hopes the country will use AI to promote economic development.
However, China’s efforts have been hampered by export control measures against chips imposed by Washington, who fear Beijing can use advanced semiconductors to enhance military capabilities.
“It is an implicit recognition that the Chinese government needs private companies for technical competition with the US,” said Christopher Bedl, Associate China Research Director at Dividkal Dragonomics in Hong Kong.
“The government has no choice but to support them if they want to compete with the US.”
XI first chaired a well-known private sector symposium in 2018, six years after he came to power. At the time, he pledged tax cuts and equal playing fields, reaffirming that private companies had access to financial support.
“In spite of the increased opportunities in the case of Deepseek, it is also about guiding the private sector in a government-led direction and introducing potential risks to compete with the US,” said Gary Ng, senior economist at Natixis. It states.
“Even so, the regulatory environment is a black box. As most AI development occurs in the private sector, we cannot completely eliminate the consequences of a more stringent regulatory environment than the market.”
