Beijing, China – February 5: Chinese President Xi Jinping will take part in the great reverb with the great reverb of humans on February 5, 2025 in Beijing, China.
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The Chinese President Xi Jinping gave a speech on a rare symposium with closed doors with prominent entrepreneurs, reported the state news-outlet Xinhua and asked the entrepreneurs to show their talents in a “new era” for the nation ” “.
“The new era and the new trip have extensive prospects for the development of the private sector and great potential,” he said, according to an Xinhua report broadcast by Google. “It is time for private companies and private entrepreneurs to show their talents.”
He added that China “combine our thinking, strengthen our self -confidence and promote the healthy and high -quality development of the private sector” and at the same time downgraded the current financial challenges of the sector as a temporary, local, in the reform.
“We have to concentrate on the problem of residues of accounts that are due to private companies are entrepreneurs under the law,” he said, according to the report, a “clean relationship between government and business”.
There are concerns about the effects of Beijing management on Chinese companies and their relative autonomy.
The presence of XI on the symposium sends entrepreneurs a “very clear signal of top level support”, Peiqian Liu, Asia economist at Fidelity International, told CNBC: “This will probably be sparked with animal spirit and optimism about renewed growth starts in China . “
“It could possibly be even stronger than fiscal stimulus if the political decision -makers should support the development of the tech sector in China,” added Liu.
Beijing has tried to support its economy through the lackluster domestic consumption, a longer real estate break -in and external headwinds like tariffs on its exports.
The meeting could “mark a symbolic turning point for the Chinese technology sector after years of increased examination,” said Lynn Song, Chief Economist at LNG and emphasized the time of this meeting.
It could mean that “the overarching overhang we have in the past two years has ended,” said Andy Maynard, managing director and head of the shares at China Renaissance.
Regardless of this, the state media -cgtn reported that the Chinese legislature “reported a draft of the country's first Basic Law on the growth of the private sector”.
“The law will be of great importance to further optimize the development environment for the private sector and to promote high -quality growth,” the report says.
It emphasized that the private sector has contributed more than 60% of Chinese GDP, 48.6% of the foreign trade, 56.5% of fixed investments, 59.6% of tax revenue and more than 80% of urban employment.
“The rapidly growing sector has played an important role in promoting technological innovations and stabilizing economic growth,” the report said.
Alibaba's founder Jack Ma was one of the entrepreneurs present at the meeting, as can be seen from a video clip of Chinese state media.
The pronounced businessman has largely stayed outside the public since the Chinese authorities in November 2020 sank a blockbuster -blockbuster -Blockbuster -Blockbuster -Blockbuster -Blockbuster -Bünde offer from the Alibaba Group Affiliate Ant Group after his public criticism of the regulatory system of the state Beijing was angry.
MAS Return to the limelight could expect Beijing to increase its approach for large technology companies, said Maynard.
Other entrepreneurs who took part in the meeting Maker Contemporary Amperex Technology Co.
“You can never underestimate the power of such a meeting” if you simply restore the trust of the Chinese entrepreneurs who had carefully pretended not to step on the wrong foot or go down a way that may be something [Beijing] It doesn't like, “said Sam Radwan, founder of the consulting company, the international.
Beijing started a regulatory storm against the country's large technology companies at the end of 2020 because they became too big and powerful.
While the symposium in China's control over the direction of its economic policy may not mean “an 180-degree application”, Beijing's recognition of the important role that China's private sector can reflect in the support of growth and increasing technological skills can play under tightening restrictions The western nations, Alfredo Montufar-Helu, head of the China Center in the Think Tank The Conference Board, told CNBC.
The CSI 300 index of the Chinese mainland has hardly been changed according to the news.
The Hang Seng Tech Index, which rose over 5% in the media reports of the meeting on Friday, expanded the loss by more than 2% after the meeting.
The Chinese Startup Deepseek's publication of a state-of-the-art AI model contributed last month to drive a rally on the country's stock exchange, which progresses upwards. The low -profile founder of Deepseek, Liang Wenfeng, was previously invited to the meeting.
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