- Jack Ma’s Public Comeback Signals Beijing’s Support for Private Sector.
- Xi Jinping Urges Private Entrepreneurs to Drive Economic Growth.
- Tech Leaders Gather as China Eyes Innovation Leadership by 2030.
Chinese President Xi Jinping on Feb 17 presided over an unusual gathering at the Great Hall of the People with leaders of China’s tech giants. Attending was Alibaba co-founder Jack Ma, resplendent in a black Mao suit and a beaming smile. His return to the stage is a signal that there might be a rehabilitation and a readmission of confidence from Beijing into the private sector. Although Mr. Ma was briefly seen shaking hands with President Xi on the evening news broadcast Xinwen Lianbo, he was not named in state media accounts as a speaker at the meeting, reports The Straits Times.
Public Sightings and Renewed Activity
Mr. Ma, who resigned as Alibaba chairman in 2019 but remains the spiritual leader of the company, has been seen in public more often in recent weeks. He went to an Alibaba-owned supermarket in Changsha, Hunan province, on February 13. He had previously been spotted at the Hangzhou headquarters of Xianyu, Alibaba’s second-hand marketplace.
Xi Jinping’s Call to Private Sector Leaders
At the February 17 meeting, President Xi emphasized the need for private entrepreneurs to play a central role in economic growth and innovation, particularly amid China’s intensified rivalry with the US. “Entrepreneurs should be full of passion for entrepreneurship and for serving the country, strive for perfection, firmly establish feelings for the country, remember where their wealth came from… and promote Chinese-style modernisation,” he said, according to state media.
Importance of the Private Sector to Economic Growth
China’s private sector drives over half of the nation’s economy and generates most urban jobs and tax income. Leaders are looking to the private sector more and more as China wants to be leading global innovation by 2030.
Tech Industry Achievements Highlighted
Leaders attending the gathering included senior managers from tech companies like Huawei, BYD, Tencent, and DeepSeek. Some of these companies have lately recorded major accomplishments:
- DeepSeek: The AI company made headlines worldwide in January when its chatbot performed on par with top industry rivals at a fraction of the development cost. DeepSeek founder Liang Wenfeng attended the session.
- BYD: The EV maker surpassed Tesla in 2024 to take the title of the world’s biggest EV manufacturer. BYD has recently committed to bringing autonomous driving features to the mass market.
- Huawei: In September 2024, Huawei launched a new tri-fold smartphone shortly after Apple’s iPhone 16 release. The device marked Huawei’s return to high-end smartphones powered by domestically produced chips.
These developments underscore the private sector’s critical role in advancing China’s technological leadership and economic ambitions.
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Source: The Straits Times
