China’s Xi holds rare meeting with business leaders amid slowing economy, US tensions

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BEIJING: Chinese President Xi Jinping held a rare meeting on Monday with some of the big names in the Chinese technology sector, including Alibaba’s founder Jack Ma, as an attempt to promote the sentiment of the first private business. The bill was presented.

The meeting highlighted the change in the view of Beijing’s own tech giants after the regulatory clip Down a few years ago, as well as slowing economic growth and efforts to prevent its technological development by the United States I recent concerns.

Deepesic founder Liang Wenfering, a startup that threatens to disturb the global technology through its AI models, also participated in it, two sources familiar with the meeting said. The CCTV video did not have a picture of Liang, and DiPsic did not immediately respond to A. Reuters request to comment.

Other private business leaders who attended the symposium were reported in a video published by Huawei’s founder Ren Xiangfi, Li June, Bai’s Wang Chuanfo, Wang Xing Xing, and CCTV. It is reported in Kettle’s Robin Zheng.

The meeting was also attended by Wang Zing of Meetawan, China Fahey’s Lang Yubin and founder of Will Semicamor, Yu Raining, the video. Tension’s Pony Ma was also there, a source familiar with the matter took the name that the details of the meeting were not refused. The public tension did not respond to the request for comment immediately.

The state news agency Sinhava said that XI spoke after listening to representatives of private companies. The report did not provide any details about the symposium held at the great hall of the people in Beijing.

Reuters, citing sources on Friday, on Monday plans to lead a symposium to promote private sector sentiment, in which Alibaba co -founder Jack Ma participated in the country’s business leaders. Will be done.

Sources say the symposium aims to promote the sentiment of the private sector, and XI is expected to make the company heads local and internationally during a faster US war in China. Encourage to expand.

On Monday, investor meeting photos and footage were footage to find and trade according to top owners, with Bedo shares decreasing by 8.0 % – which of the Hang Seng Index’s most. Big green – when no high executive was seen.

The founders of China and the founders of the biatens were among the leading Chinese business leaders who did not attend the meeting, two sources familiar with the matter. No company immediately responded to comments requests.

The presence of high executives and companies in these high profile events is generally seen by foreign investors as a symbol of businesses or individuals that are in favor of the government.

Gain self -sufficiency

The meeting was against the backdrop of US prices, threatening to put more pressure on the world’s second largest economy, which is suffering from weak domestic use and debt crisis in the property sector.

According to government estimates, the private business sector contributes more than 50 % of China’s tax revenue, 60 % of its economic output, 70 % of tech innovation and more than 80 % of the urban job.

The meeting also came when the global enthusiasm of the DPCAC’s AI platform increased investors’ speculations about its potential positive impact on China’s wider tech sector, and it made Chinese assets. The demands for the above restoration have given rise.

XI has long emphasized the need for China to achieve self -sufficiency in semiconductor and wants the country to use AI to advance economic development. But China’s efforts have been obstructed by export control measures on the chips imposed by Washington, which is worried that Beijing can use modern semiconductor to enhance its military capabilities.

“It is a confession that the Chinese government needs private sector firms for its tech enmity with the United States,” said Christopher Bador, deputy China Research Director of Lukal Dragonomics in Hong Kong. “The government has no choice but to cooperate with the United States.”

‘Possible Dangers’

In recent weeks, the tech shares in Hong Kong have raised the thunder over the progress of Dipic AI’s progress and the melting of authorities’ view of the Internet giants.

On Friday, the Hangan Technology Index attacked a three -year height in the morning trade on Friday, when Reuters said XI had led the symposium on Monday. It slipped into unstable trade in the afternoon and was 1.3 % lower.

Six years after coming to power, XI led a high profile symposium for the private sector in 2018. At that time, he confirmed that the tax deduction and the level playground promised that private firms would have access to financial support.

“Despite the growing opportunities in the case of Deep Sak, senior economist Gary NG, Natexis, said, which also contains potential threats to guide the private sector under the government -led directive and fight the United States.”

“Still, the regulatory environment is a black box. Since most AI is development in the private sector, we cannot fully reject the results of the more expected regulatory environment than the market than today. Analysts have said that especially Jack MA attendance has the potential to increase business confidence.

In 2020, the IPO of his fantasy company ANT was stopped by the authorities, after which he made a speech that criticized China’s regulatory system this year.

Its business empire and the broader technology industry were again targeted by a regulatory crackdown, a time a sign of the overthrow of fortunate for China’s private sector.