Abdelrahman
In 2020, when Beijing took significant action against Jack Ma, the face of Chinese entrepreneurship, by halting his business operations, it conveyed a clear message: no corporation can rise above the authority of the Chinese Communist Party.
Earlier this week, China’s leader, Xi Jinping, adopted a contrasting strategy. He engaged with business magnates, including Mr. Ma, who has remained largely under the radar for the past four years, signaling a shift in approach during a time of economic uncertainty.
Prominent executives from leading firms such as Huawei, Xiaomi, durable battery manufacturer CATL, and electric vehicle giant BYD were present, actively participating and taking notes as Mr. Xi led the discussion. State media broadcast a video highlighting the gathering. During this meeting, Mr. Xi urged private companies to aim to “serve the country,” acknowledging the crucial role that Chinese innovators play in advancing technologies central to China’s competition with the United States.
This meeting marked the first interaction between Mr. Xi and key business leaders since President Trump imposed various tariffs on China, adding to a series of pressures on the Chinese economy, including a significant property crisis, declining prices, and shaky consumer confidence.
Under Mr. Xi’s leadership, the private sector has taken a backseat, with a stronger focus placed on state-owned enterprises and efforts towards self-reliance. However, recent reports of a possible meeting with business leaders had sparked a sense of hope among investors that Beijing’s stance might soften.
