In Beijing and Shanghai on February 19th, some of China's leading business figures, including the heads of carmakers BYD and Xiaomi, affirmed their commitment to innovation despite external pressures, following a meeting between President Xi Jinping and private sector representatives.
Xi met with numerous founders and executives of major Chinese companies and promising startups to urge increased private investment amid economic slowdown and rising geopolitical tensions. The market responded positively, with Chinese shares rising as investment banks viewed the meeting as a reason to consider purchasing Chinese stocks, particularly in the technology sector.
Notably, companies like Huawei and BYD, which were given prominent seating and the opportunity to address Xi, are crucial to China's technological and supply-chain security.
The details of the meeting have been limited, with state media releasing only Xi's remarks. However, founders like Lei Jun of Xiaomi and Wang Chuanfu of BYD expressed encouragement over Xi's comments, emphasizing unity in the face of external pressures and the aspiration to boost the global presence of Chinese goods.
Despite challenges, Wang Chuanfu voiced confidence in China's electric car industry's competitive edge and the resilience of quality products in the face of protectionist policies, emphasizing the industry's commitment to national service.
Similarly, Wang Xingxing of Unitree, a robotic firm likened to Boston Dynamics, attributed their success to China's robust supply chain and predicted advancements in the artificial intelligence humanoid industry by the year's end.