{"id":828120,"date":"2025-02-19T08:11:45","date_gmt":"2025-02-19T14:11:45","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/19\/president-xi-jinping-meets-chinas-top-tycoons-in-rare-show-of-support\/"},"modified":"2025-02-19T08:11:45","modified_gmt":"2025-02-19T14:11:45","slug":"president-xi-jinping-meets-chinas-top-tycoons-in-rare-show-of-support","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/19\/president-xi-jinping-meets-chinas-top-tycoons-in-rare-show-of-support\/","title":{"rendered":"President Xi Jinping Meets China’s Top Tycoons In Rare Show Of Support"},"content":{"rendered":"
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Chinese President Xi Jinping makes a toast at the Great Hall of the People in September 2023 in this file photo.<\/p>\n

Andy Wong-Pool\/Getty Images<\/small><\/figcaption><\/figure>\n

President Xi Jinping met some of China\u2019s most prominent tycoons, sending what analysts say is the strongest signal of support in years to companies like web giants Alibaba and Tencent.<\/p>\n

Xi met them at a symposium for private sector enterprises on Monday held at Beijing\u2019s Great Hall of the People, reported the official Xinhua News Agency, and delivered a speech after listening to the entrepreneurs.<\/p>\n

Xi pledged \u201cunwavering support\u201d to private enterprises, including financing support and tax relief, and in creating a more fair competitive environment. \u201cOur private economy will only be stronger, and it can\u2019t be weakened,\u201d he said according to Xinhua. \u201cAnd it must perform on a bigger stage.\u201d<\/p>\n

Pony Ma, cofounder of gaming and social media giant Tencent and the country\u2019s second-richest man with a fortune of $52.1 billion, was at the event, a person with knowledge of the matter told Forbes Asia. Alibaba cofounder Jack Ma, BYD cofounder Wang Chuanfu, Xiaomi founder Lei Jun as well as Huawei founder Ren Zhengfei could be seen in footage from state broadcaster CCTV. Reuters first reported the meeting would take place last week.<\/p>\n

\u201cPrivate enterprises now play an extremely important role in stabilizing the economy, as China still faces high growth pressure and uncertainties in 2025,\u201d Shen Meng, managing director of Beijing-based boutique investment bank Chanson & Co., says by WeChat. \u201cHosting the highest level meeting with private sector entrepreneurs further sends positive signals to their development. \u201d<\/p>\n

The last time Xi held such a meeting was in 2018, at the onset of a U.S.-China trade war during the first Donald Trump administration, which brought significant risks to the country\u2019s economy, Feng Chucheng, founding partner of Shanghai-based research firm Hutong Research, says by WeChat. Now, China is facing off with the U.S. not just on trade but advanced technologies including AI and semiconductors, as the world\u2019s two largest economies jockey for supremacy in these areas.<\/p>\n

The U.S. has imposed sweeping controls on selling AI- and chip-related technologies to China, not entirely successfully. DeepSeek, whose founder Liang Wenfeng was also reportedly among the tech entrepreneurs meeting Xi on Monday, released in January a highly cost-effective AI model that stunned Silicon Valley. It subsequently wiped off about $1 trillion<\/a> from the market caps of tech leaders including Nvidia as investors started to question whether high spending in AI-related chips is necessary.<\/p>\n

E-commerce behemoth Alibaba announced in January that its latest Qwen AI model could be better than DeepSeek and some OpenAI models in certain areas of performance. Tencent says it is beta testing the integration of DeepSeek\u2019s model in its WeChat messaging app in China, fueling hopes this would create an AI super app with enhanced search and recommendation functions. Tencent\u2019s Hong Kong-listed shares rose as much as 6.5% on that news in Monday\u2019s trading.<\/p>\n

\u201cThe private sector will serve as the foundation of future growth,\u201d Hutong Research\u2019s Feng says. He adds that one of the Monday meeting\u2019s goals was to \u201cdouble down on driving consumption and innovation\u201d to support economic recovery.<\/p>\n

Signals of support for the private sector from the top amounts to a dramatic reversal of attitude. After Jack Ma\u2019s 2020 criticism of China\u2019s financial regulatory system, Beijing effective halted an initial public offering of fintech giant Ant Group, which Ma cofounded after Alibaba. Officials conducted a sweeping crackdown on the technology sector, fining companies billions of dollars for monopolistic practices and even halting the issuance of gaming licenses as they blamed online games for causing addiction among youth.<\/p>\n

Alibaba cofounder Ma travelled overseas for years, before gradually appearing in public view starting from 2024. The company confirmed last week that it is partnering with Apple to introduce AI services for iPhone users in China, which analysts say might help Alibaba<\/a> attract more users for its AI models down the road.<\/p>\n<\/div>\n

Read More<\/a>
\n Yue Wang<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese President Xi Jinping makes a toast at the Great Hall of the People in September 2023 in this file photo. Andy Wong-Pool\/Getty Images President Xi Jinping met some of China\u2019s most prominent tycoons, sending what analysts say is the strongest signal of support in years to companies like web giants Alibaba and Tencent. Xi<\/p>\n","protected":false},"author":1,"featured_media":828121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27664,851],"tags":[],"class_list":{"0":"post-828120","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jinping","8":"category-president"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/828120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=828120"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/828120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/828121"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=828120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=828120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=828120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}