With Alibaba co-founder Jack Ma and some of China’s foremost entrepreneurial names at the table, Chinese President Xi Jinping made an important statement on Monday. He announced China’s new support toward the private sector, once neglected, now is seen as vital to the revitalization of the world’s second-largest economy, advances.
The meeting gathered some of the most influential faces of the past decade in China, covering sectors like semiconductors, electric vehicles, and AI. This moment became an important turning point in Beijing’s attitude towards the companies that drive much of the economy, especially with the United States stepping up its global tariffs.
In the afternoon, the state media reported that after Xi met Ma, Wang Xing from Meituan, and Lei Jun of Xiaomi Corp., the group moved to lunch. Others crucial to China’s goal of reducing dependence on American technology included Wang Xingxing of Unitree Robotics, Liang Wenfeng of DeepSeek, and Ren Zhengfei, founder of Huawei Technologies.
A rare moment of solidarity for the private sector was witnessed when Xi was seen greeting Wang, Ren, and Ma with a handshake. In his speech, Xi called on the entrepreneurs present to keep their competitive spirit and faith in the country, adding that the challenges they are facing are only ‘temporary.’
He vowed to abolish irregular charges and penalties upon private firms and to build a more level playing field concern that business leaders often bring in a state-dominated economy.
According to Xinhua, Xi stated to the entrepreneurs, “It is essential to decisively eliminate all barriers to the equal utilization of production resources and ensure fair participation in market competition.”
He further added that Beijing should “continue to foster a level playing field in infrastructure for all types of business entities and make significant efforts to address the challenges of costly and difficult financing for private companies.”
Business Journalist
Subscribe to our newsletter and get top Tech, Gaming & Streaming latest news, updates and amazing offers delivered directly in your inbox.
