China's President Xi Jinping met on Monday with business leaders from the private sector, according to state media, as government officials work to revive an economy affected by the COVID-19 pandemic, regulatory measures, and a real estate crisis.
Among the attendees was Jack Ma, who founded the e-commerce company Alibaba in the 1990s and became the richest man in China. In recent years, he has maintained a low profile with few public appearances after publicly criticizing Chinese regulators and financial systems during a speech in Shanghai.
Other business leaders at Monday's meeting in Beijing included Zeng Yuqun, president of battery developer CATL, Wang Chuanfu, president of electric vehicle manufacturer BYD, and Pony Ma, CEO of Tencent, the owner of WeChat, according to a video of the meeting from state broadcaster CCTV and a report from state media. Xi made 'important remarks' to the participants, according to state media, which did not provide further details.
The summit demonstrated Beijing's softer stance towards companies that drive much of the economy, just as Washington intensifies a potentially debilitating global tariff campaign. Xi delivered a speech after meeting with Ma, Wang Xing of Meituan, and Xiaomi chairman Lei Jun, state media reported. They also pressured Ant Group to restructure, splitting it into multiple independent businesses. Alibaba was also investigated and fined $2.8 billion for violating antitrust rules.
President Xi Jinping gathered many of the most significant names in the Chinese business world of the past decade, representing everything from chip manufacturing and electric vehicles to artificial intelligence. On Monday, the Chinese parliament stated that it would review laws focused on promoting the private economy.
It is unclear to what extent authorities plan to change their stance regarding the private sector. A strong show of support from Xi would almost certainly add fuel to the stock market rebound and revive entrepreneurial spirit among businesspeople, but much will depend on whether authorities take more concrete policy actions.
Xi shook hands with Wang, Ren, and Ma from Unitree. The Chinese leader urged the founders and CEOs gathered to maintain their competitive spirit and have confidence in the country's future, emphasizing that the challenges they face are 'temporary.' He promised to abolish unreasonable fees or fines against private enterprises and level the competitive playing field, a common complaint from entrepreneurs in a state-dominated system. The government responded by thwarting their plans for Ant Group's stock market debut, a finance-focused business that emerged from Alipay, a popular digital payment system.
Instead, an online search revealed a shorter publication that had omitted the names of those present. Jack Ma, one of the richest men in the country, delivered a speech in October 2020 in which he stated that regulators were too conservative. Other attendees included Wang Xingxing from the robotics startup Unitree, DeepSeek founder Liang Wenfeng, and Huawei Technologies founder Ren Zhengfei, who are considered key figures in China's ambition to reduce its dependence on U.S. technology. The brief two-paragraph report initially released was later removed.
