Chinese President Xi Jinping delivered a speech at a rare closed-door symposium with prominent entrepreneurs on Monday, urging them to “show their talents” in a “new era” for the nation’s businesses. Xi stated that the new era and journey have broad prospects for the development of the private economy and great potential. He emphasized the need to unify thinking, strengthen confidence, and promote the healthy and high-quality development of the private economy, downplaying current financial challenges as temporary and in the process of being reformed. n nXi called for solving the problem of arrears owed to private enterprises and strengthening law enforcement to protect their legitimate rights and interests. The speech comes amid concerns over the impact of the Beijing administration on Chinese businesses and their relative autonomy. The government has been instrumental in supporting growth through stimulus measures to revive an economy weighed down by lackluster domestic consumption and a real estate slump. n nThe call to strengthen “confidence in development” also comes at a time of looming U.S. tariffs and rising tech rivalry. The tech battle gained attention after Chinese startup DeepSeek’s late-January release of its revolutionary AI, which claims to compete with current models at a lower training cost. DeepSeek founder Liang Wenfeng was one of the businessmen in attendance. n nXi stressed the need to promote scientific and technological innovation. His presence at the symposium sends a “very clear signal of top-level support” to entrepreneurs, according to Peiqian Liu, Asia economist at Fidelity International. The meeting could mark a symbolic turning point for the Chinese tech sector after years of heightened scrutiny. n nState media CGTN reported that Chinese lawmakers are deliberating a draft of the country’s first basic law focused on private sector growth. The law is expected to optimize the development environment for the private sector and drive high-quality growth. The private sector contributes over 60% of China’s GDP, 48.6% of foreign trade, 56.5% of fixed-asset investment, 59.6% of tax revenue, and more than 80% of urban employment. n nEntrepreneurs in attendance included Jack Ma, founder of Alibaba, Ren Zhengfei, founder and CEO of Huawei, Lei Jun, founder and CEO of Xiaomi, and Wang Xing, founder of Meituan. The symposium reflects Beijing’s recognition of the significant role the private sector can play in supporting growth and boosting technological capabilities. n n— news from MarketWatch
