In a significant meeting held on Monday, Chinese President Xi Jinping convened with prominent private business leaders, including Alibaba co-founder Jack Ma, at the Great Hall of the People in Beijing. This gathering comes at a critical time as the country grapples with a slowing economy characterized by a real estate crisis, low consumer spending, and high youth unemployment.
State media footage released by CCTV showcased the meeting, featuring Ma standing and applauding as President Xi entered the opulent room. While specific details of the discussions remain undisclosed, the presence of Ma signals a potential shift in his public image following a prolonged absence from the spotlight due to regulatory challenges.
Since assuming power over a decade ago, Xi has emphasized enhancing the role of state enterprises within China’s economy, often cautioning against what he describes as the “disorderly” expansion of the private sector. However, amidst the current economic climate, reports surfaced last week indicating Xi’s intention to engage with leading business figures, suggesting a possible recalibration of the government’s approach to private enterprise.
In addition to Ma, other notable attendees included Ren Zhengfei, the founder of tech giant Huawei, and Wang Chuanfu, the visionary behind electric vehicle manufacturer BYD. The meeting also saw the participation of Robin Zeng, founder of battery powerhouse CATL, and Wang Xing, co-founder of the internet platform Meituan.
China has struggled to sustain a strong recovery from the pandemic and last year the economy expanded five percent, which was among the slowest in decades.
Beijing is expected to target a similar level of growth in 2025 but may face headwinds as US President Donald Trump renews his hardball trade policy with hefty tariffs.
As China continues to navigate its economic hurdles, the dialogue between the government and private sector leaders may play a crucial role in shaping future policies and fostering an environment conducive to sustainable growth.
