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Chinese President Xi Jinping met with prominent business leaders, including Alibaba founder Jack Ma, during a symposium focused on boosting private enterprises amid a slumping economy. The meeting, held at Beijing's Great Hall of the People, also included executives from companies such as BYD, CATL, Tencent, and Huawei, according to state media reports.
Xi's engagement with these business figures comes as China grapples with economic stagnation, characterized by a housing crisis, stagnant consumption, and rising youth unemployment. Analysts suggest that this symposium could signal a shift away from the stringent regulations imposed on the tech sector in recent years, though the specifics of Xi's address have not been disclosed.
Past crackdowns have left many in the industry wary; for instance, Ma was notably absent from the public eye for months after he criticized the government in 2020. Investors are closely monitoring these developments for potential indicators of renewed governmental support for the tech industry, which has been heavily scrutinized. Trivium, an analytics firm, emphasized the high stakes of this meeting, stating it could significantly influence investor sentiment.