President Xi Jinping convened a significant and carefully orchestrated meeting on Monday with influential figures from China's technology industry, including Alibaba founder Jack Ma, as a demonstration of support to galvanize private enterprises.
The meeting symbolized a shift in Beijing's approach towards tech giants, signifying policymakers' concerns about an economic slowdown and U.S. efforts to impede China's technological advancement.
Bringing together business leaders, especially those who have excelled amidst U.S. pressure, highlights the crucial role of private-sector innovation for China to excel in technology. This move acknowledges that the Chinese government relies on private firms for tech competitiveness against the U.S.
Approximately half of tax revenue, over 60% of economic output, and 70% of tech innovation in China are attributed to the private sector, which competes with state-owned enterprises.
Facing challenges like U.S. tariffs and domestic economic concerns, China seeks to boost its economy with innovative ventures like DeepSeek, led by Liang Wenfeng, who attended the meeting.
The meeting took place in the ceremonious Great Hall of the People, mirroring a 2018 gathering during the U.S.-China trade war. Renowned figures like Ren Zhengfei and Wang Chuanfu were seated prominently, while the absence of certain executives, like those from Baidu, sparked market reactions.
The meeting, which included speeches by Xi Jinping and presentations by executives like Lei Jun and Wang Xingxing, aims to spur business growth amid the China-U.S. tech rivalry.
Through moments like the Unitree robot dance, showcasing China's technological achievements, the meeting underscored the importance of innovation in driving China's economy and global competitiveness.
Overall, the meeting not only signifies support for private enterprises but also aims to boost confidence, encourage innovation, and emphasize the pivotal role of private industry in China's economic landscape.