Xi Jinping Meets Tech Leaders, Boosts Private Sector Amid Economic Tensions

Chinese President Xi Jinping convened a significant meeting with top executives from major tech companies, including Alibaba's Jack Ma and Huawei's Ren Zhengfei, reflecting a shift in Beijing's approach to support the private sector amid economic challenges and U.S. trade tensions. The meeting, held at the Great Hall of the People, underscores the importance of innovation in China's strategy to maintain technological competitiveness and address slowing economic growth. Observers view this gathering as a signal of trust towards private enterprises, as Xi aims to encourage business expansion domestically and internationally in light of escalating geopolitical issues. Despite the notable attendance, the absence of executives from some companies raised market speculation. Xi's speech reportedly emphasized the need for self-sufficiency in semiconductors and the role of AI in driving economic development. The meeting aligns with China's ongoing efforts to bolster its tech sector amid international pressures.