Chinese President Xi Jinping held a rare meeting with top business leaders on Monday, signaling support for private companies amid increasing technological competition with the United States. The meeting, which took place in Beijing’s Great Hall of the People, included key figures such as Alibaba founder Jack Ma and Huawei’s Ren Zhengfei.
This event marks a shift in China’s stance toward its tech giants, following years of regulatory crackdowns. Analysts see it as an effort to boost confidence in private enterprises, which play a crucial role in China’s economy and technological advancement. With US restrictions aiming to slow China’s progress in key sectors like artificial intelligence and semiconductors, Beijing appears to be reinforcing its commitment to innovation.
The meeting also drew attention for its symbolism. Business leaders whose companies have recently made significant technological advances, such as DeepSeek AI founder Liang Wenfeng, were present. However, some notable figures, like Baidu’s executives, were absent—leading to speculation about the government’s stance on certain firms.
Hong Kong’s tech stock index initially rose in response to the news but later saw fluctuations as investors reacted to the absence of certain executives. Despite this, Xi’s message was clear: China’s private sector remains vital to its global tech ambitions.
This gathering mirrors a similar event Xi held in 2018 during the US-China trade war under then-President Donald Trump. By rallying business leaders now, Xi appears to be emphasizing the need for unity and innovation as China faces new economic and geopolitical challenges.
