Xi Jinping Meets Tech Entrepreneurs, Including Jack Ma, in Private-Sector Symposium
China’s President Xi Jinping has addressed a symposium on private enterprises, attended by major business leaders, including Alibaba co-founder Jack Ma, state media reported on Monday. While no specific details about the meeting were disclosed, sources suggest it aimed to boost private-sector confidence amid China’s ongoing tech rivalry with the US.
A Shift in China’s Tech Policy?
Last week, Reuters reported that the symposium was expected to encourage tech executives to expand their businesses both domestically and internationally. Experts see the inclusion of Jack Ma—a key figure in China’s tech crackdown—as a potential signal that Beijing is softening its stance on private enterprise.
Gary Ng, Senior Economist at Natixis, Hong Kong, noted that while China is embracing tech companies like DeepSeek, the government still seeks to guide private-sector growth in a state-led direction. He warned that future regulations could be tighter than expected, despite current optimism.
Christopher Beddor, Deputy China Research Director at Gavekal Dragonomics, described the symposium as an implicit recognition that China needs private-sector innovation to compete with the US. He pointed out that while Beijing initially aimed for state-owned enterprises to lead in tech advancements, the most disruptive innovations continue to emerge from private firms.
Beddor also highlighted Jack Ma’s presence as a major symbolic shift, given his past association with regulatory crackdowns. He believes this move signals a policy reversal from previous years when the government sought to rein in capital expansion in the tech industry. However, he cautioned that Xi remains concerned about China’s declining number of unicorn startups, as mentioned in previous public remarks.
Beijing’s Acknowledgment of Private-Sector Innovation
Alfredo Montufar-Helu, Head of The Conference Board’s China Center, emphasized that Beijing now recognises that the private sector—particularly tech firms—is essential for economic growth. Following China’s growing interest in AI leaders like DeepSeek, the government appears to be reassessing its approach to private enterprises.
While the long-term impact of this shift remains uncertain, the symposium marks a notable attempt by Xi to restore confidence among tech entrepreneurs, encouraging them to drive China’s innovation and global competitiveness.
With inputs from Reuters
