Beijing – China’s President Xi Jinping recently spoke at a special meeting focused on private businesses, according to the official news agency, Xinhua. This meeting is important since China is facing economic challenges and tensions with the United States. Xi listened to leaders from private companies and gave a speech afterwards, although details about who attended were not shared.
Sources reported before the meeting that Xi intended to encourage business leaders, including Alibaba co-founder Jack Ma, to strengthen their companies both in China and abroad. This move is seen as necessary, especially as China competes with the U.S. in technology.
In the past, Xi had promised things like tax cuts and financial support for private businesses at a similar meeting in 2018. Now, with new AI technology from a company called DeepSeek making waves, there are hopes that it could help China’s tech industry recover.
Xi has emphasized that it’s crucial for China to become self-sufficient in making computer chips. However, U.S. export controls on chips make this difficult, as the U.S. fears China could use advanced technology for military purposes. According to a China expert, this meeting shows that the Chinese government understands it needs private businesses to stand strong against the U.S.
Recently, tech stocks in Hong Kong have been rising, helped by excitement over DeepSeek’s AI advancements and a more friendly attitude from Chinese authorities towards internet companies. An index measuring these companies reached a three-year high recently, boosted by news of Xi’s meeting.
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