Chinese leaders meet corporate leaders amidst slowdowns and high economic challenges of youth unemployment.
Chinese President Xi Jinping met top corporate leaders at a business symposium in Beijing, including Alibaba co-founder Jack MA, state media reported.
Since taking power over a decade ago, XI has consistently tried to strengthen the role of state enterprises in the world’s second largest economy, warning against the “disorderly” expansion of the private sector.
However, last week’s report said he is preparing to meet business celebrities to combat the slow economy, which is plagued by the real estate crisis, sustained low consumption and youth unemployment rates. Ta.
State broadcaster CCTV reported on Monday that the meeting was held at the Great Hall of the People in Beijing. This shows the video with a video showing MA standing up and applauding as Xi enters a gorgeous room.
CCTV did not immediately provide details of the meeting details.
Ma’s inclusion suggests massive public rehabilitation of billionaires for years and years following entanglement with regulatory authorities.
The former English teacher founded the high-tech giant Alibaba in 1999, building it into one of China’s most famous and dominant private companies.
He once cultivated open public personas, but has restricted his declaration towards the end of the last decade as XI oversaw a radical crackdown on technology and internet platforms that had once become a circle. did.
In 2020, authorities cancelled the Alibaba Affiliate Ant Group’s blockbuster IPO at the last minute, especially after MA gave a speech criticizing the regulator.
Although MA is no longer an executive at Alibaba, it is believed to hold significant stakes in the company despite its focus on philanthropy and rural education for the past few years.
Alibaba, which is set to publish its latest quarterly revenue report this week, has seen its stocks have skyrocketed over 40% so far this year.
Other participants at Monday’s meeting include Ren Zhengfei, founder of Tech Titan Huawei, and Wang Chuanfu, who founded the electric car giant BYD.
XI, Ren and Wang’s CCTV broadcast clips are working on the meeting, but did not immediately provide audio or written details.
Also present were Robin Zeng, founder of Battery Powerhouse Catl, and Wang Xing, co-founder of internet platform Meituan.
China is struggling to maintain a strong recovery from the pandemic, and its economy rose 5% last year. This was one of the slowest expansions in decades.
Beijing is expected to target similar levels of growth in 2025, but could face headwinds as US President Donald Trump updates his hardball trade policy with heavy tariffs .
Trump has already announced an additional 10% tax on all imports from China, and Beijing has quickly returned with its own tariff targeting coal and gas.
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