(Reuters) – Next week, Chinese President Xi Jinping is set to chair a symposium aimed at fostering confidence in the private sector, with attendance from major business figures including Jack Ma, co-founder of Alibaba (9988.HK), according to three sources familiar with the event. Xi’s involvement in such meetings is uncommon, highlighting the significant hurdles confronting China’s business landscape, particularly amid rising tensions with the United States during Donald Trump’s presidency and sluggish domestic economic growth.
The symposium, anticipated to occur on Monday, will likely feature numerous tech entrepreneurs. Xi is expected to encourage these leaders to broaden their businesses both at home and internationally, especially against the backdrop of the ongoing Sino-U.S. technology conflict, as reported by two sources. The information about the symposium was initially disclosed by Reuters.
Notable attendees are expected to include Pony Ma, CEO of Tencent (0700.HK), alongside Lei Jun, head of Xiaomi (1810.HK), and Wang Xingxing, founder of Yushu Technology, a robotics firm, as indicated by one source. Additionally, a representative from Huawei Technologies (HWT.UL) is also likely to participate, according to two sources. Bloomberg News noted that Liang Wenfeng, founder of AI startup DeepSeek, will also be present. DeepSeek has gained attention for its innovative models that are reportedly developed at a lower cost than those from Western competitors.
Reuters spoke to five individuals with knowledge of the symposium, all of whom requested anonymity due to restrictions on media communication. The State Council Information Office, responsible for handling inquiries on behalf of state leaders, did not immediately respond to a request for comment about the event. Alibaba, Tencent, Xiaomi, Huawei, Yushu, and DeepSeek have also not commented.
Following the news, shares of Alibaba, Tencent, and Xiaomi listed in Hong Kong saw an uptick in afternoon trading, with Xiaomi hitting a record high after a 7% increase. Tencent also closed up by 7%, while Alibaba rose by 6%.
Xi had previously chaired a significant symposium for the private sector in late 2018, pledging tax reductions and a commitment to creating a fair environment for private companies, ensuring they have access to financial resources. Jack Ma’s potential presence at the upcoming symposium could be a significant morale booster for businesses, especially considering his decline from the public eye after the 2020 suspension of Ant Group’s IPO, which followed his critical comments on China’s regulatory framework.
Since then, both his business ventures and the wider tech sector have faced increased regulatory scrutiny, marking a notable shift in the fortunes of China’s private enterprises. In recent years, Xi has underscored the importance of “common prosperity,†advocating for private firms to be “rich and loving†as well as “patriotic,†and to distribute their success more equitably among employees. His statements have been interpreted as a call to mitigate excesses in various industries and to temper riskier investments.
Liang’s participation is expected to enhance DeepSeek’s emerging reputation as a potential major player in the global AI sector. He recently spoke at a closed-door symposium led by Premier Li Qiang. Xi has consistently highlighted the necessity for China to attain self-sufficiency in semiconductors and leverage AI for economic advancement. However, China’s ambitions in this area face challenges due to U.S. export controls on chips, which aim to prevent Beijing from using advanced technology to enhance its military capabilities.
Reporting by Reuters staff; Editing by Sumeet Chatterjee and Edwina Gibbs.
