The Chinese leader Xi Jinping received the co -founder of Alibaba, Jack atand the country’s leading technology executives in Beijing on Monday (17), in a meeting that signals that authorities may be conducting the country in a more favorable business direction after years of regulatory repression.
In addition to ma, other tycoons were present, including the founder of HuaweiRen Zhengfei, o CEO da BYDWang Chuanfu, o CEO da CatlZeng Yuqun, eo CEO da XiaomiJun Law, according to a report by the state broadcaster CCTV.
The Private Business Symposium happens a few weeks after the latest model of IA of the Chinese startup DeepSeek Shake global action markets and AI players.
His success also brought optimism to the China technology sector, which is still recovering after severe regulatory repression that lasted more than three years.
This campaign was triggered in late 2020 after MA criticized financial regulators and Chinese banks in a historical discourse.
His forceful criticism triggered the most widespread regulatory repression in the history of corporate China, which affected the fortunes of other giants of technology, including the Tencenta DidiApplication Transport Company, and Meituanfood delivery company.
Since then, MA, who was once very expressive, has disappeared in much of public life.
His prominent presence at the meeting with XI suggests that authorities are finally overcoming repression, as concerns about their business empire have been widely resolved, according to Angela Huyue Zhang, a law professor at the University of Southern California who wrote a book on the regulation of technology companies in China.
“With the domestic economy slowing and geopolitical pressures increasing, the government is making it clear that it values and depends on the private sector to boost innovation and stimulate growth,” she told the CNN.
The moment of this meeting is significant because it signals “renewed effort to support private initiative, especially in the technology sector, and to restore business trust,” he added.
Last Friday (14), the Hang Seng China Enterprises Indexwhich tracked the main Chinese companies, went up to their highest level since the early 2022, after the news about the next symposium was first reported by Reuters.
He was last being negotiated about 1% lower on Monday (17).
Powerful group
The second largest economy in the world is fighting the scenario of an increasingly aggressive international environment amid.
Instead of a quick recovery after Beijing relaxed its rigorous pandemic restrictions at the end of 2022, the economy failed, overloaded by the real estate in difficulty and low consumer confidence.
Since then, authorities have repeatedly sought to fire the private sector, a group that has been increasingly concerned about Beijing’s statist approach.
Private companies contribute over 60% to the China Gross Domestic Product (GDP) And over 80% of employment, although they are overshadowed by the state sector in size.
The XI meeting with private entrepreneurs “clearly represents a major course correction” in China’s policies compared to private companies, Fred Hu, president of the Spring Capital investment company, told Reuters.
“The private sector, which for a long time was the backbone of the Chinese economy and the most important engine of growth, has been harmed in recent years by growing political and regulatory uncertainties, with serious consequences for the economy of China and, worse, for Its labor market, with the increase of youth unemployment, ”he said.
China’s repression to private initiative has eliminated more than $ 1 trillion in market value from many powerful Chinese companies and fueled fears about the future of innovation.
In the summer of 2021, regulators announced restrictions on for -profit educational industry and its food delivery sector. Although the campaign seemed to have come to an end for over a year, some tycoons were still shaken and were not expanding their business with their previous flowering.
