In a sign of potential policy shifts amidst economic challenges, Chinese President Xi Jinping met with top corporate leaders, including Alibaba co-founder Jack Ma, at a business symposium in Beijing on Monday, Al Jazeera reports, citing AFP and state media reports.
The meeting, held at the Great Hall of the People, comes as China grapples with a slowing economy, a real-estate crisis, low consumer spending, and high youth unemployment.
The inclusion of Jack Ma, who has largely been out of the public spotlight following a period of increased regulatory scrutiny, suggests a possible rehabilitation for the billionaire magnate. Ma, who founded tech giant Alibaba in 1999, was once a prominent and outspoken figure but has largely retreated from public life in recent years. Notably, authorities cancelled the planned blockbuster IPO of Alibaba affiliate Ant Group at the last minute in 2020, following Ma’s criticism of regulators.
While Ma is no longer an executive at Alibaba, he reportedly retains a significant stake in the company and has focused on philanthropy and rural education.
Other prominent figures present at the meeting included Ren Zhengfei, founder of tech titan Huawei, and Wang Chuanfu, founder of electric vehicle giant BYD. Robin Zeng, the founder of battery powerhouse CATL, and Wang Xing, the co-founder of internet platform Meituan, also attended.
State broadcaster CCTV showed footage of Xi, Ren, and Wang addressing the meeting, but did not immediately release details about the content of their remarks.
President Xi’s move to engage with private sector leaders contrasts with his past emphasis on bolstering state-owned enterprises and his warnings against the “disorderly” expansion of the private sector. Since assuming power, Xi has consistently advocated for a strengthened role for state enterprises in China’s economy.
The meeting comes as China struggles to maintain a robust post-pandemic recovery. Last year, the country’s economy grew by 5%, marking one of its slowest expansions in decades. Beijing is expected to target similar growth levels in 2025, but faces potential headwinds, including the renewal of hardline trade policies by US President Donald Trump.
Trump has already announced additional 10% tariffs on all imports from China, prompting immediate retaliatory measures from Beijing, targeting coal and gas.
Alibaba, expected to release its latest quarterly earnings report this week, has seen its shares surge by more than 40% so far this year.
