BANGKOK (AP) — On Monday, President Xi Jinping of China held a meeting with leaders from the private sector, where he provided reassurances that the government’s stance on private enterprise would remain constant. This information was reported by state media, highlighting efforts by government officials to stimulate an economy that has been significantly impacted by the pandemic, regulatory measures, and ongoing challenges in the real estate sector.

Among the notable attendees was Jack Ma, the founder of Alibaba, who has been a prominent figure amid the government’s recent focus on the technology industry’s tighter regulations.

During the gathering, Xi stated that the Communist Party’s and the government’s current policy framework pertaining to the private sector is integrated into “the socialist system with Chinese characteristics,” which reflects the party’s governing philosophy, according to reports from state broadcaster CCTV. Xi emphasized, “They cannot and will not change.”

Furthermore, the president assured participants that the administration would “sincerely safeguard the legal rights of private enterprises and entrepreneurs, consistent with the law.” However, he also cautioned that, “Our nation is a socialist country governed by law, and any unlawful actions by enterprises will face investigation and repercussions.”

These reassurances come after Beijing initiated a crackdown on the tech sector in 2020, aimed at dismantling monopolies and enforcing stringent data regulations.

Jack Ma, who established Alibaba in the 1990s and was once the wealthiest individual in China, has maintained a low profile in recent years. His reticence followed a public criticism of the government’s regulatory framework during a speech in Shanghai.

Other key business figures in attendance included Zeng Yuqun, chairman of CATL (a battery development company), Wang Chuanfu, head of electric vehicle manufacturer BYD, and Pony Ma, CEO of Tencent, the parent company of WeChat, as reported by state media.

Xi expressed his hope that private enterprises would “first gain wealth and subsequently foster common prosperity,” referencing an initiative aimed at promoting economic development and reducing income inequality. Notably, Alibaba has committed $15.5 billion to this effort, while Tencent pledged $7.7 billion.

Earlier reports regarding the meeting were erased from state media shortly after being published. Subsequently, a brief statement was circulated that omitted the names of the attendees.

A later report included details about Xi’s speech and mentioned some attendees but did not feature Jack Ma’s name.

Ma, recognized as one of the nation’s wealthiest individuals, previously made headlines in October 2020 when he stated that regulators took a conservative approach. This resulted in the cancellation of his plans for Ant Group‘s stock market listing and necessitated the company’s restructuring into several independent entities.

Additionally, Alibaba faced scrutiny and was fined $2.8 billion for violating antitrust regulations.

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AP researcher Yu Bing contributed to this article from Beijing.