Chinese President Xi Jinping plans to chair a symposium next week to boost confidence among private sector leaders. The event will feature prominent business figures, including Alibaba co-founder Jack Ma, according to three sources familiar with the matter.
This is one of the rare occasions where Xi directly engages with private enterprise leaders, reflecting the significant challenges facing China’s businesses. These challenges include rising tensions with the U.S. under former President Donald Trump and slowing domestic economic growth.
Many attendees will come from the tech sector. Xi is expected to encourage them to expand their operations both domestically and internationally amid intensifying competition in the Sino-U.S. technology war. Two sources said the symposium is likely to take place on Monday. Reuters first reported the news.
Prominent figures like Pony Ma, CEO of Tencent (0700.HK), Lei Jun, CEO of Xiaomi (1810.HK), and Wang Xingxing, founder of robotics company Yushu Technology, are expected to attend. An executive from Huawei Technologies (HWT.UL) and DeepSeek founder Liang Wenfeng will also participate. DeepSeek, an AI startup, has gained global attention for developing advanced models at lower costs compared to Western competitors.
Five individuals spoke to Reuters about the symposium but declined to comment publicly due to restrictions. The State Council Information Office, which handles queries for state leaders, did not immediately respond to inquiries about the event. Alibaba, Tencent, Xiaomi, Huawei, Yushu, and DeepSeek have not confirmed their participation.
The announcement boosted investor sentiment. Shares of Alibaba, Tencent, and Xiaomi rose sharply during afternoon trading. Xiaomi closed at a record high, gaining 7%. Tencent and Alibaba ended the day up 7% and 6%, respectively.
A Move to Rebuild Confidence
Xi previously hosted a similar symposium in late 2018, shortly after assuming power. During that meeting, he promised tax cuts, equal opportunities, and better access to financing for private enterprises. These measures aimed to reassure companies during a period of heightened regulatory scrutiny.
Jack Ma’s attendance could significantly boost morale. Since the suspension of Ant Group’s IPO in 2020, triggered by his criticism of China’s regulatory system, Ma has largely stepped back from public life. His reduced visibility coincided with a sweeping regulatory crackdown targeting his business empire and the broader tech sector, symbolizing a shift in fortunes for China’s private enterprises.
Recently, Xi has emphasized the concept of “common prosperity.” He encourages private firms to prioritize social responsibility alongside profitability. Companies should adopt patriotic values and distribute wealth more equitably among employees. While these calls aim to curb excesses in certain industries, they can sometimes discourage riskier investments.
Liang Wenfeng’s inclusion highlights DeepSeek’s growing importance as a potential disruptor in the global AI landscape. Last month, he spoke at a closed-door symposium hosted by Premier Li Qiang, further solidifying his influence. Xi has long stressed the need for China to achieve self-sufficiency in semiconductors and use AI to drive economic development. However, U.S.-imposed export controls on advanced chips continue to hinder progress, driven by concerns over potential military applications.
