Chinese President Xi Jinping convened a high-profile meeting with leading entrepreneurs in Beijing on Monday, signalling a renewed emphasis on supporting the private sector following years of regulatory pressure.

The meeting, attended by prominent figures such as Alibaba co-founder Jack Ma, Huawei founder Ren Zhengfei, BYD chairman Wang Chuanfu, and Xiaomi founder Lei Jun, highlighted the government's pivot towards fostering private enterprise. Other attendees included Yu Renrong, chairman of Will Semiconductor Co., and Wang Xingxing, founder of Unitree Robotics.

According to state media reports, Xi delivered a speech after hearing from representatives of private firms, highlighting the importance of their contributions to the nation's economic growth. Premier Li Qiang was also present, further emphasising the significance of the event. The summit, widely viewed as a strategic effort to restore confidence in the private sector, comes as Chinese policymakers aim to reverse the economic slowdown and encourage innovation in critical areas such as artificial intelligence.

This meeting marks a striking shift in tone following a years-long crackdown on private firms, which began in 2020 when Ma's Ant Group's record-breaking IPO was abruptly halted. The subsequent campaign to tighten state control over the economy and curtail the influence of China's billionaire class sent shockwaves through global markets.

However, as economic challenges mount, Beijing appears to be adopting a more collaborative approach, with major firms aligning their strategies with Xi's priorities, including technological self-sufficiency and national security.

Source: Dimsumdaily.HK