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 — 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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