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.
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.
“While the symposium conveyed the government’s support for businesses, its greater significance lies in sending a signal to more private enterprises,” said Su Yue, principal economist for China with the Economist Intelligence Unit (EIU).
“The selection of the companies also reflects that development remains Beijing’s top priority, rather than prioritising security at the cost of growth.”
Also present at the meeting were Premier Li Qiang, Wang Huning – head of China’s top political advisory body – and Ding Xuexiang, the vice-premier in charge of technological development.