In a rare move, Chinese President Xi Jinping met with top private-sector leaders to address economic concerns and tensions with the U.S. The high-profile symposium, held at the Great Hall of the People, brought together influential business figures, including Alibaba co-founder Jack Ma and Huawei’s Ren Zhengfei.
This meeting comes as China grapples with slowing economic growth and increased pressure from Washington’s semiconductor export restrictions. The Chinese government has long emphasized self-reliance in technology and artificial intelligence, but regulatory hurdles and external challenges continue to shape the nation’s economic landscape.
Top CEOs in Attendance
Among the business leaders present were:
- Jack Ma (Alibaba)
- Ren Zhengfei (Huawei)
- Lei Jun (Xiaomi)
- Wang Chuanfu (BYD)
- Robin Zeng (CATL)
- Wang Xing (Meituan)
- Leng Youbin (China Feihe)
- Yu Renrong (Will Semiconductor)
- Pony Ma (Tencent)
While state media confirmed the meeting, details of Xi’s speech remain undisclosed. However, sources suggest the discussion focused on reassuring private enterprises and encouraging domestic and international expansion.
China’s Push for Tech Independence
The timing of this symposium is crucial, considering Beijing’s push for AI-driven economic growth. The recent rise of DeepSeek’s AI platform has sparked investor optimism, reinforcing hopes that China’s tech industry can navigate challenges despite U.S. trade restrictions.
Christopher Beddor, deputy research director at Gavekal Dragonomics, noted, “This meeting is a quiet acknowledgment that China needs its private tech giants to compete globally.” Experts believe Beijing may introduce new incentives to support private-sector innovation.
Investor Reactions and Market Impact
Markets reacted swiftly to the news. While Hong Kong’s Hang Seng Tech Index initially hit a three-year high, it later dipped as investors analyzed meeting footage for clues about government priorities. Baidu’s stock plummeted over 8% after no company representatives were spotted at the event.
Despite optimism surrounding AI advancements, concerns remain about regulatory uncertainties. “China’s private sector plays a crucial role in AI development, but government intervention could shift market expectations,” said Gary Ng, senior economist at Natixis.
With global competition in AI and semiconductors intensifying, Beijing’s strategy in balancing regulation with economic growth will be closely watched.
