Chinese President Xi Jinping presided over a meeting with Alibaba co-founder Jack Ma and other prominent entrepreneurs on Monday, signaling Beijing¡¯s support for the private sector after years of turmoil.
Xi delivered a speech after listening to representatives of private firms including the Alibaba Group Holding billionaire and Xiaomi chief Lei Jun, state media reported. Also present were Meituan¡¯s Wang Xing, Wang Xingxing of robotics firm Unitree, and Huawei Technologies founder Ren Zhengfei ¡ª considered one of the key figures in China¡¯s ambition to reduce its reliance on American technology. Premier Li Qiang also attended.
Chinese leaders had been expected to meet with high-profile figures on Monday, with anticipation over the gathering boosting the nation¡¯s stock market. The summit demonstrates a more supportive stance by the Communist Party toward the private-sector companies that fuel most of the country¡¯s economic growth.
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