Xi Jinping reassures entrepreneurs after years of tech industry scrutiny

In Beijing, China’s President Xi Jinping met with influential private sector business leaders on Monday, addressing their concerns in light of recent regulatory crackdowns and economic instability. This meeting, reportedly aimed at reviving the economy affected by the pandemic, real estate crisis, and external pressures, included notable figures like Jack Ma of Alibaba, Ren Zhengfei of Huawei, and Pony Ma of Tencent. Xi emphasized that government approaches towards private enterprises would remain consistent, assuring leaders that their legal rights would be upheld. His remarks indicate a possible shift in policy towards a more supportive environment for private-sector growth. Analysts view this meeting as a pivotal moment signaling the government’s recognition of the need to foster confidence among entrepreneurs amid ongoing economic challenges. Xi Jinpeng's emphasis on the socialist governance of China highlighted the balance between supporting the private sector while maintaining regulatory oversight. The meeting also shed light on the broader economic context, as Beijing navigates various headwinds, including a lack of domestic consumption and external tariffs that exacerbate its economic outlook. As Chinese technology stocks surged following the meeting, there is growing speculation about the government’s strategic move to stabilize and regain momentum in the tech industry.