Chinese President Xi Jinping on Monday spoke at a symposium attended by business leaders including Alibaba co-founder Jack Ma, as Beijing grapples with a slowing economy and growing tensions with the U.S.
Other private business leaders who attended the symposium included Huawei founder Ren Zhengfei, Xiaomi’s Lei Jun, BYD’s Wang Chuanfu, Unitree’s Wang Xingxing, and CATL’s Robin Zeng, a video published by CCTV showed.
Meituan’s Wang Xing, China Feihe’s Leng Youbin and Will Semiconductor founder Yu Renrong also attended, the video showed.
Tencent’s Pony Ma was also there, a source familiar with the matter said, declining to be named as the
meeting details were not public. Tencent did not immediately respond to a request for comment.
Xi delivered a speech after listening to representatives of private companies, official news agency Xinhua said.
The report did not provide any details about the symposium, held in the Great Hall of the People in Beijing.
Reuters reported on Friday, citing sources, Xi planned to chair a symposium to boost private sector sentiment on Monday that would be attended by the country’s business leaders, including Alibaba co-founder Jack Ma.
The symposium would be aimed at boosting private-sector sentiment, and Xi was expected to encourage company chiefs to expand their businesses domestically and internationally amid an intensifying China-U.S. technology war, the sources had said.
The symposium also comes as DeepSeek’s AI platform has triggered investor speculation about its potential to buoy China’s broader tech sector.
This has led to calls for an upward repricing of Chinese assets.
Xi has long stressed the need for China to achieve self-sufficiency in semiconductors and wants the country to use AI to drive economic development.
But China’s efforts have been hampered by export control measures on chips imposed by Washington which is worried Beijing could use advanced semiconductors to boost its military capabilities.
“It is a tacit acknowledgement that the Chinese government needs private-sector firms for its tech rivalry with the U.S.,” said Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong.
“The government has no choice but to support them if it wants to compete with the U.S.”
Investors on Monday were scouring pictures and footage of the meeting to spot top bosses and trading accordingly, with Baidu shares down more than eight per cent- the largest loser on the Hang Seng index – after no company representatives were spotted.
Tech shares in Hong Kong have roared higher in recent weeks on a combination of optimism about the DeepSeek AI breakthrough and a thawing of authorities’ approach to internet giants.
The Hang Seng technology index hit a three-year high in morning trade on Monday, having rallied on Friday after Reuters reported Xi was to chair Monday’s symposium.
It slipped in volatile afternoon trade and was last down 1.3%.
Xi first chaired a high-profile symposium for the private sector in 2018, six years after he came to power.
At the time, he pledged tax cuts and a level playing field while reaffirming that private firms would have access to financial backing.
“Despite the rising opportunities in the case of DeepSeek, it is also about guiding the private sector in the government-led direction and containing the potential risks to compete with the U.S.,” said Gary Ng, senior economist at Natixis.
“Still, the regulatory environment is the black box. As most AI development happens in the private sector, we cannot entirely rule out the outcome of a tighter-than-market-expected regulatory environment than we see now.”
(With inputs from Reuters)
