Xi Jinping to Lead Private Sector Symposium Amid Economic Challenges

Chinese President Xi Jinping is set to chair a rare symposium next week to boost confidence in the private sector. Business leaders, including Alibaba co-founder Jack Ma, Tencent CEO Pony Ma, and Xiaomi’s Lei Jun, are expected to attend, along with executives from Huawei, Yushu Technology, and DeepSeek.

This event highlights the mounting challenges facing China’s private sector, including slowing domestic growth and escalating tensions with the U.S. over technology restrictions. Xi is expected to encourage business expansion both domestically and internationally amidst the ongoing Sino-U.S. tech war.

Jack Ma’s attendance is particularly significant, as he has largely remained out of the public eye since the 2020 suspension of Ant Group’s IPO, following his criticism of China’s regulatory system. The crackdown that followed reshaped China’s tech landscape, signaling increased government oversight.

Xi’s last major private sector symposium was in 2018, where he pledged tax cuts and financial support. Since then, his focus on “common prosperity” has emphasized wealth redistribution and corporate responsibility.

DeepSeek founder Liang Wenfeng’s participation further underscores China’s AI ambitions, as his startup has gained attention for developing AI models at lower costs than Western competitors. Xi continues to stress self-sufficiency in semiconductor production, though U.S. export controls remain a significant hurdle.

News of the symposium boosted Hong Kong-listed shares of Alibaba, Tencent, and Xiaomi, with gains of up to 7%. As China navigates economic headwinds, the meeting could be a crucial step in restoring investor and business confidence.