President Xi Jinping meets China's top tycoon with rare support

President Xi Jinping met some of China's most outstanding tycoons, and told analysts that companies such as web giants Alibaba and Tencent have had the strongest support signals over the years.

Xi Jinping met with them at a private sector business seminar held in the Beijing lobby on Monday and reported on the official Xinhua News Agency report and delivered a speech after listening to entrepreneurs.

Xi Jinping assured private enterprises that “unwavering support” include financing support and tax exemptions, as well as creating a more level playing field. “Our private economy will only be stronger and not weakened,” he said. “It has to be performed on a larger stage.”

The event told Forbes Asia that the event was a $52.1 billion fortune, co-founder of gaming and social media giant Tencent and the richest man in the country. Alibaba co-founder Jack Ma, BYAD co-founder Wang Chuanfu, Xiaomi founder Lei Jun and Huawei founder Ren Zhengfei on State Broadcaster CCTV You can see it in the video. Reuters' first report meeting will be held last week.

“Now, private companies play a very important role in stabilizing the economy, as China still faces high growth pressures and uncertainty in 2025,” said Chanson & Co, a boutique investment bank in Beijing. Shen Meng, managing director, said. “Holding the highest-level meetings with private sector entrepreneurs further sends a positive signal to their development. Transparency

Xi Jinping last held such a meeting in 2018, when the first US-China trade war began in the United States-China. Research, said by WeChat. Now, China is not only facing the United States in terms of trade, but also facing advanced technologies including AI and semiconductors, the supreme horse racing in these areas of the world’s two largest economies.

The United States has implemented comprehensive control over the sale of AI- and CHIP-related technologies to China, rather than totally successful. His founder Liang Wenfeng was also reportedly among the technology entrepreneurs he met with XI on Monday, shocking Silicon Valley by releasing a highly cost-effective AI model in January. It then cut about $1 trillion from the market cap for tech leaders, including NVIDIA, as investors began to question whether they needed to spend high spending in AI-related chips.

E-commerce behemoth Alibaba announced in January that its latest QWEN AI model may be better than DeepSeek and some OpenAI models in some performance areas. Tencent said it is beta testing the integration of the DeepSeek model in its WeChat messaging app in China to facilitate this, hoping that this will create an AI Super app with enhanced search and suggestions capabilities. Tencent's Hong Kong listed shares rose 6.5% in trading on Monday.

“The private sector will be the basis for future growth,” said Feng of Hutong Research, adding that one of the goals of Monday's meeting was to “cut consumption and innovation” to support the economic recovery.

The signal of support for the private sector is from the highest number to a dramatic reversal of attitudes. Beijing effectively stopped its IPO of fintech giant Ant Group, co-founded after Jack MA's 2020 criticism of China's financial regulatory system. Officials have completely cracked down on the technology field, fined billions of dollars for monopoly practices and even stopped the issuance of gaming licenses because they blamed online games on the youth addiction.

Alibaba co-founder MA has gradually appeared in the public eye for many years since 2024. The company confirmed last week that it is working with Apple to provide AI services to iPhone users in China, and analysts may help Alibaba attract more users to attract more users to model AI on the road.