Chinese President Xi Jinping recently convened a high-profile symposium in Beijing with leading private-sector entrepreneurs, signaling a strategic shift towards bolstering private enterprises amid economic challenges and intensified technological competition with the United States.

The meeting, held at the Great Hall of the People, featured prominent figures such as Alibaba co-founder Jack Ma, Xiaomi founder Lei Jun, CATL chairman Robin Zeng, and Meituan founder Wang Xing. This assembly underscores the government’s intent to rejuvenate the private sector, which has faced increased scrutiny and regulatory pressures in recent years.

Analysts interpret this engagement as a positive indication of policy recalibration. Gary Ng, Senior Economist at Natixis, noted, “The market reads it as a positive signal to include Jack Ma in such a meeting and hope for the end of the tech crackdown.” Christopher Beddor, Deputy China Research Director at Gavekal Dragonomics, added, “It’s a tacit acknowledgment that the Chinese government needs private-sector firms for its tech rivalry with the U.S.”

The symposium also coincides with a resurgence of interest in Chinese technology, spurred by advancements from AI startup DeepSeek. This development has contributed to a bullish trend in China’s tech stock market, reflecting renewed investor confidence.

President Xi emphasized the necessity for economic revitalization and fair competition, reiterating commitments to tax reductions and equitable treatment for private enterprises alongside state-owned entities. This approach aims to address the economic downturn and restore confidence among business leaders, fostering a more conducive environment for innovation and growth.