ECONOMY

Xi Emphasizes Private Sector’s Role in Rare Meeting with Business Titans

Published: Feb. 17, 2025 11:35 p.m. GMT+8

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Chinese President Xi Jinping chaired a meeting with a group of business leaders including Alibaba Group’s Jack Ma and Tencent Holdings’ Pony Ma Huateng

A high-profile meeting chaired by Chinese President Xi Jinping with a group of private business leaders moved the market as investors watched who was in attendance — and who was not.

The meeting, the first of its kind since November 2018, saw Xi reaffirm the role of the private sector and the government’s commitment to supporting it. Among those present were Alibaba Group’s Jack Ma and Tencent Holdings’ Pony Ma Huateng.

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President Xi Jinping held a pivotal meeting with private business leaders, emphasizing China's unwavering support for the private sector and its role in economic recovery.
Prominent figures like Jack Ma from Alibaba and Pony Ma from Tencent attended, signaling market confidence, while absentees like Baidu's Robin Li saw negative market reactions.
Markets responded with mixed reactions; gains in indices contrasted with individual stock movements, influenced by attendees' presence and new partnerships.

AI generated, for reference only

Who’s Who

Alibaba Group: Alibaba Group's Jack Ma attended a high-profile meeting chaired by Chinese President Xi Jinping, marking a significant public appearance since his regulatory clashes in late 2020. Despite Ma's attendance and Alibaba's recent 50% share surge due to an AI partnership with Apple, Alibaba's shares in Hong Kong closed down 1.53%. This highlights investor sensitivity to broader market and regulatory dynamics, rather than solely positive signals from executive appearances.

Tencent Holdings: Tencent Holdings, led by Pony Ma Huateng, was represented at a high-profile meeting chaired by Chinese President Xi Jinping, signaling support for the private sector. Following the meeting, Tencent's shares jumped nearly 4%, partly due to its plan to integrate DeepSeek's AI model into its WeChat app. This reflects a positive market response to Tencent's presence at the meeting and its strategic moves in artificial intelligence.

Xiaomi Corp: Xiaomi Corp.'s founder and CEO, Lei Jun, attended the high-profile meeting chaired by Chinese President Xi Jinping. Following the meeting, Xiaomi's stock finished up 1%. The company was among several tech leaders present, indicating its importance to China's private sector. The meeting reflected government support for businesses like Xiaomi amidst efforts to drive economic recovery.

Huawei Technologies Co. Ltd: Ren Zhengfei, the founder and CEO of Huawei Technologies Co. Ltd, attended a high-profile meeting chaired by Chinese President Xi Jinping. This meeting was the first of its kind since November 2018, where Xi reaffirmed the government's support for the private sector. The event aimed to boost market confidence and encourage private sector participation in China's economic recovery.

Unitree: Unitree is a robotics startup whose founder and CEO, Wang Xingxing, attended a high-profile meeting chaired by Chinese President Xi Jinping with private business leaders. This inclusion signifies the company's prominence in China's private sector and highlights its role in the country's economic development and technology sector.

Meituan: Meituan's founder, Wang Xing, attended a high-profile meeting chaired by Chinese President Xi Jinping, signaling government support for the private sector. The meeting aimed to boost market confidence and promote economic recovery. Although the article does not detail Meituan's recent performance, Wang Xing's presence indicates Meituan's significance in China's private sector landscape. The meeting's impact was mixed in the stock market, but it shows a potential shift towards a more pro-business environment in China.

Contemporary Amperex Technology Co Ltd: Contemporary Amperex Technology Co Ltd.'s Robin Zeng attended a high-profile meeting with Chinese President Xi Jinping and other business leaders. The meeting highlighted Beijing's commitment to the private sector's role in economic recovery. The company's participation suggests its significance in China's tech and business landscape.

DeepSeek: DeepSeek is described as a high-flying AI startup whose founder, Liang Wenfeng, attended the meeting chaired by Chinese President Xi Jinping. Tencent's shares rose after announcing it would integrate DeepSeek’s AI model into its WeChat messaging app.

BYD: BYD's chairman and CEO, Wang Chuanfu, attended a high-profile meeting chaired by Chinese President Xi Jinping. The meeting, which focused on supporting the private sector, was the first of its kind since November 2018. This indicates BYD's inclusion among influential private enterprises in China, which is significant for the electric carmaker's position in the industry.

Feihe: Feihe is a company whose chairman and CEO, Leng Youbin, attended a high-profile meeting chaired by Chinese President Xi Jinping. Feihe specializes in baby milk formula production.

Zhejiang Chint Electrics Co. Ltd: Zhejiang Chint Electrics Co. Ltd. is an electrical devices firm. Its chairman, Nan Cunhui, attended a high-profile meeting chaired by Chinese President Xi Jinping with private business leaders. The meeting emphasized government support for the private sector as part of China's socialist system.

New Hope Group Co. Ltd: New Hope Group Co. Ltd. is an animal feed producer led by Chairman Liu Yonghao. The company was represented at a high-profile meeting chaired by Chinese President Xi Jinping, emphasizing the government's support for the private sector.

Will Semiconductor Co. Ltd: Will Semiconductor Co. Ltd. was represented at the high-profile meeting chaired by Chinese President Xi Jinping, with its founder and chairman, Yu Renrong, in attendance. The meeting emphasized the government's support for the private sector. However, no additional specifics about the company or its market performance were provided in the article.

Baidu Inc: Baidu Inc. experienced a 7% drop in its stock, wiping out $2.4 billion in market value, following a high-profile meeting where its CEO Robin Li was absent. The market reacted more sharply to companies not on the guest list, signaling investor concerns about these exclusions amid signals of Beijing's endorsement for the private sector.

JD.com: JD.com saw its stock drop by 3.6% after the meeting chaired by Xi Jinping in which its founder, Richard Liu, was not present. The absence of its leadership possibly contributed to the decline, reflecting market sensitivity to company representation at significant events.

Macquarie Group Ltd: Macquarie Group Ltd. economists Larry Hu and Yuxiao Zhang commented on the meeting, noting that it suggests Beijing is becoming more pro-business and that China's dominant growth model of strong exports and manufacturing alongside weak consumption and property might be nearing its end.

AI generated, for reference only

What Happened When

November 2018：: The last meeting of its kind before the current one chaired by Xi Jinping with private business leaders.

Late 2020：: Jack Ma mostly remained out of the public spotlight after a clash with Chinese regulators.

Late 2020：: The 2-speed growth model, characterized by strong exports and manufacturing with weak consumption and property, has been China's dominant growth model since late 2020.