Chinese President Xi Jinping hosted a high-profile meeting with leading figures in China's technology sector, signaling a shift in Beijing's approach towards its tech giants after a period of regulatory scrutiny.
President Xi Jinping hosted a significant and highly orchestrated meeting on Monday with prominent figures in China's technology sector, including Alibaba founder Jack Ma. This gathering, viewed by analysts as a demonstration of support for private companies, marks a shift in Beijing's approach towards its tech giants after a regulatory crackdown four years ago.
The event reflects policymakers' concerns about economic growth deceleration and the United States' efforts to constrain China's technological advancement. Xi's decision to convene business leaders, particularly those who have achieved success despite US pressure in recent months, highlights the crucial role of private sector innovation in China's quest to compete technologically on a global scale. \Analysts emphasize that this move signifies a tacit acknowledgment by the Chinese government of its reliance on private sector firms in the ongoing technological rivalry with the United States. Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong, states, 'The government has no choice but to support them if it wants to compete with the United States.' The Chinese private sector, which competes with state-owned enterprises, contributes significantly to the nation's economy, accounting for more than half of tax revenue, over 60 percent of economic output, and a substantial 70 percent of technological innovation, according to official estimates. \The meeting took place in the ceremonial Great Hall of the People, the same venue used by Xi in 2018 for a similar gathering during the trade war with the then-US administration of President Donald Trump. The initial images released by Chinese state media depicted Xi addressing assembled executives, positioned behind him in organized rows. These visual cues prompted investor speculation about the attendees and non-attendees among top business leaders. Notably, Huawei founder Ren Zhengfei and BYD's Wang Chuanfu were seated directly in front of Xi, signifying their prominent status as national champions in electric vehicle and chip development. Conversely, Baidu's shares plummeted over 8 percent, becoming the largest loser on the Hang Seng index, as no top executives were visible. Founders of both Baidu and ByteDance were absent from the meeting, according to sources familiar with the matter. Neither company's representatives immediately responded to requests for comment.
CHINA TECHNOLOGY XI JINPING BUSINESS LEADERS PRIVATE SECTOR REGULATION US COMPETITION ECONOMIC GROWTH
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