What happened when Xi gathered China’s tech entrepreneurs for a ‘high-stakes’ symposium?
The Chinese president brought together the heads of leading businesses – including Alibaba’s Jack Ma – for the first time since 2018
President Xi Jinping hosted a meeting with China’s top entrepreneurs on Monday – the first gathering of its kind since 2018 – in a highly anticipated event that signalled Beijing’s clear support to the private sector, particularly the tech industry.
The government’s core principles and policies for the private economy, which are firmly integrated into the socialist system, will remain steadfast and unwavering, Xi was quoted as saying, according to Xinhua.
“These policies will not change,” he said.
While assuring China’s leading entrepreneurs of persistent government support and wider market access, Xi urged them to contribute more to the country’s tech innovation amid an intensifying rivalry with the United States.
“It is the right time for private enterprises and entrepreneurs to showcase their talents and make significant contributions,” Xi said.
Jack Ma, founder of Alibaba Group; Lei Jun, founder and CEO of Xiaomi; Pony Ma Huateng, founder and CEO of Tencent; Wang Chuanfu, chairman and CEO of electric carmaker BYD; and Ren Zhengfei, founder and CEO of Huawei Technologies, were among the attendees. Alibaba is the owner of the South China Morning Post.
The president also vowed to push forward the opening of competitive infrastructure sectors to a variety of market entities, and make great efforts to address the financing difficulties and high financing costs for private firms.