On February 17, 2025, Chinese President Xi Jinping held a rare meeting in Beijing with the country’s top tech industry leaders. The meeting was attended by Alibaba founder Jack Ma, Huawei founder Ren Zhengfei, Xiaomi founder Lei Jun, Liang Wenfeng, founder of artificial intelligence startup DeepSeek, Wang Chuanfu, founder of electric vehicle manufacturer BYD, and Robin Zeng, founder of battery maker CATL. Xi Jinping emphasized the critical role of the private sector in China’s technological progress, encouraging business people to showcase their talents and build confidence in China’s model and market. The meeting marks a shift in the government’s approach towards tech giants after a regulatory crackdown four years ago. Analysts see it as a recognition of the importance of private sector innovation in countering US efforts to limit China’s technological development. The private sector provides more than half of the Chinese economy’s tax revenues, over 60% of economic output and 70% of technological innovation. The meeting is said to be aimed at boosting support and confidence in the private sector in the face of ongoing trade tensions with the US and domestic economic challenges.
Chinese President Xi holds rare meeting with business leaders amid tech competition in the US
