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Chinese national president Xi Jinping met some of the country’s top entrepreneurs, including Alibaba’s Jacques Ma on Monday as Beijing seeks to reinvigorate private businesses and promote stronger economic growth.
MA was the most prominent victim of Beijing’s technological crackdown, and his attendees marked a clear signal that China’s most well-known entrepreneurs were rehabilitated in the political wilderness four years later.
With the late 2020 Alibaba founder’s combat speech on the planned public list of the Albaba Group, XI cancels the group’s blockbuster IPO and launches crackdown on the power and influence of the country’s billionaire class did.
Analysts said XI’s first famous meeting with private entrepreneurs in years demonstrated Beijing’s desire to present a more positive nature to the abused private sector.
Footage from state media on Monday showed MA standing and applauding with more than 20 Chinese entrepreneurs as XI entered the gorgeous ballroom in Beijing.
“Ma is sitting there. Lee Cheng-dong, head of e-commerce think tank Highton, said:
“Internet companies were the most active and intensely recharged private companies. The regulatory storms they faced made many focus on the rise of the national economy,” he said. “There’s more balance now.”
State media said Xi gave a “important speech” at the event without elaborating. The video shows Huawei founders Ren Zhengfei and Xiaomi chief Lei Jun read from prepared remarks.
Chinese officials attenuated investors and consumer sentiment and dragged into economic growth along with campaigns to curb large-scale technology and other sectors, and after years of slowing the real estate sector, the country said. We are trying to improve our business environment.
In the past, XI has used similar meetings with business leaders to promise tax cuts and equal playing field with state businesses.
“The purpose of the conference is to tell (the private sector) that “we want to support you, we need to support you, to encourage technological innovation and consumption,” he said, “Professional Professor at Tinshure University, who speaks in the Asian securities industry.” Zhang Xiaoyan & Hong Kong Financial Markets Association.
She added that the government wanted the government to “inject trust” into Chinese companies.
Investors and Chinese internet users poured into the seat charts of Monday’s forum, assessing the importance imposed on businesses and individuals arranged before XI.
Wang Xingxing, founder of Unitree, where the robots are featured in military exercises, sat front and center, adjacent to Ren, China’s national champion Huawei. Yu Renrong, head of the semiconductor company, is a semiconductor, and Li Yonghao, founder of the agricultural conglomerate New Hope, also sat in the first line.
Other high-tech executives include Robin Zeng, chairman of leading battery manufacturer CATL and Meituan boss Wang Xing. Tencent Chief Pony MA, Wang Chuanfu, chairman of electric car maker BYD and founder of artificial intelligence startup Liang Wenfeng was also present.
The advent of Deepseek’s pioneering AI models has renewed interest in China’s technology and sparked a bull market for Chinese technology stocks. The Hang Seng Tech Index, a benchmark for the top 30 high-tech companies listed in Hong Kong, has grown 24% since the start of the year.
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Video footage of the event included Baidu founder Robin Lee and JD.com boss Richard Lee. Baidu’s Hong Kong shares fell 7% on Monday, while JD.com shares fell 3%.
China’s slowdown in economic growth has been heavy in private businesses, with executives facing suspicions of corruption and intense scrutiny during local government detention.
Hyton’s Li said uncertainty has led many of the biggest Chinese entrepreneurs to spend most of their time abroad. The meeting signaled, “Their personal safety is not an issue in China,” he said.
