Chinese President Xi Jinping is set to preside over a symposium aimed at boosting private sector confidence next week, with notable attendees such as Alibaba co-founder Jack Ma and other business leaders. The rare event underscores the challenges facing Chinese companies, from tensions with the United States to domestic economic slowdown.
The symposium, likely scheduled for Monday, is anticipated to involve prominent figures from the tech industry, with Xi expected to urge them to expand both domestically and globally in the face of the escalating Sino-U.S. technology competition.
Key figures like Pony Ma of Tencent, Lei Jun of Xiaomi, and Wang Xingxing of Yushu Technology are also expected to participate, along with a Huawei Technologies executive. Bloomberg News noted the presence of Liang Wenfeng from DeepSeek, an AI startup lauded for its cost-effective models.
Reportedly, attendees declined to be identified due to confidentiality concerns, and inquiries to the State Council Information Office and the involved companies yielded no immediate responses. Stock prices of Alibaba, Tencent, and Xiaomi surged on the news, reflecting positive market sentiment.
Xi's 2018 symposium for the private sector, coupled with his "common prosperity" rhetoric, highlights his focus on moderation and equitable growth. Notably, Jack Ma's presence at the upcoming event could instill confidence amid his recent regulatory challenges in China.
The attendance of Liang Wenfeng from DeepSeek, following his recent high-profile speech at a symposium, further solidifies the company's disruptive potential in the AI sector. Xi's emphasis on self-sufficiency in semiconductors and AI aligns with China's broader economic objectives, though challenges persist due to U.S. export controls on chip technology.