China's President Xi Meets With Chinese Tech Business Leaders, Including Alibaba's Jack Ma

A strongest supportive message so far

According to a Xinhua News Agency report, Chinese President Xi Jinping attended a private enterprise symposium in Beijing on the morning of the 17th. After listening to speeches from representatives of private business leaders, Xi delivered an important address. Premier Li Qiang and Vice Premier Ding Xuexiang attended the meeting, while Wang Huning presided over the symposium.

At the symposium, six representatives of private enterprises delivered speeches in succession, including Ren Zhengfei, CEO of Huawei Technologies Co., Ltd.; Wang Chuanfu, Chairman of BYD Co., Ltd.; Liu Yonghao, Chairman of New Hope Holding Group Co., Ltd.; Yu Renrong, Chairman of Shanghai Will Semiconductor Co., Ltd.; Wang Xingxing, CEO of Hangzhou Unitree Robotics Co., Ltd.; and Lei Jun, Chairman of Xiaomi Corporation. They provided opinions and suggestions on promoting the development of the private economy under the new circumstances.

A journalist from Shenzhen Satellite TV, an official Shenzhen broadcaster, analyzed the headquarters locations of these companies and found that two are based in Shenzhen, while the other four are located in Chengdu, Shanghai, Hangzhou, and Beijing.

Additionally, according to the footage, other entrepreneurs seated in the front row included Zeng Yuqun, Founder of CATL; Jack Ma, Founder of Alibaba; Leng Youbin, Chairman and General Manager of Feihe Dairy Co., Ltd.; Nan Cunhui, Chairman of Chint Group; Qi Xiangdong, Chairman of Qi An Xin Technology Group; as well as Pony Ma from Tencent and Liang Wenfeng from DeepSeek.

The symposium seems to have been accompanied by some supporting actions. Almost simultaneously, the Supreme People’s Court released six typical judicial cases on the protection of corporate reputation, covering various sectors such as traditional industries, intermediary services, technology enterprises, and credit institutions. These cases demonstrate comprehensive and equal protection of corporate reputation rights and ensure timely and sufficient legal remedies, also serving as a response to past instances of defamation and smearing of private enterprises and entrepreneurs.

After President Xi held the symposium in the morning, Zhao Leji presided over a meeting of the Chairman’s Council of the Standing Committee of the National People's Congress (NPC). The meeting proposed that the 14th session of the 14th NPC Standing Committee, scheduled for February 24–25, review the Draft Law on Promoting the Private Economy. At the end of last year, the highly anticipated draft law was submitted for deliberation at the 13th session of the Standing Committee of the 14th National People's Congress. This will be China’s first foundational law specifically focused on the development of the private economy. The Chinese government aims for this law to boost confidence, stabilize expectations, and promote economic development.

The official press release of the symposium:

Xi Jinping Emphasizes at Private Enterprise Symposium

习近平：民营经济发展前景广阔大有可为 民营企业和民营企业家大显身手正当其时

Bright Prospects for Private Economy, Great Opportunities Ahead
The Time Is Right for Private Enterprises and Entrepreneurs to Thrive

Li Qiang and Ding Xuexiang Attend, Wang Huning Presides

Xinhua News Agency, Beijing, February 17 – On the morning of the 17th, Xi Jinping, General Secretary of the CPC Central Committee, President of China, and Chairman of the Central Military Commission, attended a private enterprise symposium in Beijing and delivered an important speech. He emphasized that the Party and the state’s fundamental policies for private economic development have already been incorporated into the system of socialism with Chinese characteristics and will be consistently upheld and implemented, without change. He stated that in the new era and on the new journey, the private economy has vast prospects and great potential, and now is the right time for private enterprises and entrepreneurs to seize opportunities and excel. He called for unified thinking and strengthened confidence to promote the healthy and high-quality development of the private economy. He also urged private entrepreneurs to embrace a patriotic mindset, focus on development, operate legally and ethically, and contribute to common prosperity, making even greater contributions to advancing Chinese modernization.

Li Qiang, Member of the CPC Central Committee Political Bureau Standing Committee and Premier of the State Council, and Ding Xuexiang, Member of the Standing Committee and Vice Premier, attended the symposium. Wang Huning, Member of the Standing Committee and Chairman of the Chinese People’s Political Consultative Conference (CPPCC), presided over the meeting.

During the symposium, six representatives of private enterprises delivered speeches, including Ren Zhengfei, CEO of Huawei Technologies Co., Ltd.; Wang Chuanfu, Chairman of BYD Co., Ltd.; Liu Yonghao, Chairman of New Hope Group; Yu Renrong, Chairman of Will Semiconductor Co., Ltd.; Wang Xingxing, CEO of Hangzhou Unitree Robotics Co., Ltd.; and Lei Jun, Chairman of Xiaomi Technology Co., Ltd. They provided opinions and suggestions on promoting private sector development under the new economic landscape.

After listening to the speeches, Xi Jinping delivered an important address, stating that private enterprises emerged and thrived alongside China’s reform and opening-up. He emphasized that for decades, the Party’s understanding of the role and significance of the private economy has remained consistent in both theory and practice. The Party and the state firmly uphold and improve China’s basic socialist economic system, ensuring the consolidation and development of the public sector while unwaveringly encouraging, supporting, and guiding the development of the non-public sector. The Party and the state guarantee equal access to production factors, fair market participation, and legal protection for all types of ownership, promoting mutual complementarity and coordinated development among different economic entities, fostering both the healthy growth of the non-public economy and the well-being of individuals engaged in it.

Xi Jinping pointed out that China’s private economy has now reached a significant scale and holds substantial weight in the national economy. He emphasized that China’s social productivity will continue to rise, living standards will steadily improve, and reforms will deepen further. Particularly, education and technological advancements, a vast talent pool, well-developed industrial and infrastructure systems, and a market of over 1.4 billion people present new opportunities and growth potential for private enterprises. The socialist market economy and legal system will further ensure a robust environment for private sector development.

Xi acknowledged that private enterprises are facing certain difficulties and challenges, but he emphasized that these are local rather than systemic, temporary rather than permanent, and surmountable rather than insurmountable. He urged private entrepreneurs to align their thinking and actions with the Party’s assessment of the domestic and international situation as well as its economic policy decisions. He called on them to see opportunities amid challenges, maintain development resilience and confidence, and uphold the spirit of perseverance and innovation.

Xi stressed that the current priority is to fully implement policies supporting private sector development. He emphasized the strict enforcement of policies set by the CPC Central Committee without compromises, the removal of barriers that hinder fair access to production factors and market participation, and the expansion of access to competitive infrastructure sectors for private enterprises. He called for intensified efforts to address the challenges of difficult and costly financing for private enterprises, to resolve issues of overdue payments owed to private businesses, and to enhance regulatory enforcement by cracking down on excessive fees, fines, inspections, and arbitrary enforcement to protect the legitimate rights of private enterprises. At the same time, he underscored that China is a socialist country governed by the rule of law, and all enterprises, regardless of ownership, must comply with legal regulations and cannot evade accountability for illegal activities. He urged the full implementation of various relief measures, improved policy precision, and a comprehensive approach to supporting businesses, ensuring equal treatment across all economic sectors. He also called for further strengthening of government-business relations, requiring local Party committees and governments to ensure the effective execution of policies that support private sector growth.

Xi Jinping emphasized that businesses are the primary drivers of economic growth, and their internal dynamism is crucial. He encouraged private entrepreneurs to embrace entrepreneurship and patriotism, continuously elevate their vision and national commitment, and uphold their responsibilities to society. He urged them to strengthen their enterprises by focusing on core industries and improving their competitiveness, enhance innovation and transform their business models to drive sustainable growth, and contribute to technology innovation, rural revitalization, regional economic coordination, and social well-being. He called for improvements in corporate governance by adopting modern business management systems, reinforcing internal oversight, and establishing risk prevention mechanisms. He also stressed the importance of adhering to ethical business practices, fostering a culture of integrity, and ensuring compliance with legal and regulatory standards. Additionally, he encouraged private enterprises to actively fulfill social responsibilities, maintain harmonious labor relations, contribute to environmental sustainability, and engage in philanthropy and public welfare initiatives.

In closing, Wang Huning stated that Xi Jinping’s speech fully affirmed the major achievements of the private economy and its significant contributions to China’s economic and social development. He highlighted that Xi’s address comprehensively analyzed opportunities and challenges facing private enterprises and laid out clear strategies for their healthy and high-quality growth. Wang emphasized that Xi’s speech was strategically insightful, rich in thought, and profound in analysis, providing a solid foundation for the development of the private economy. He called on all participants to study and implement Xi’s guidance, strengthen their confidence, and systematically apply policies to advance private sector growth.

Senior officials including Shi Taifeng, Li Shulei, He Lifeng, Wu Zhenglong, and Mu Hong attended the symposium. Representatives from central government departments, the All-China Federation of Industry and Commerce, and private enterprises also participated.

Since Xi Jinping assumed the presidency of China, he has convened two private enterprise symposiums, in 2018 and 2020, both held at critical junctures.

In 2018, discussions questioning the role of the private economy and concerns over "the state advancing while the private sector retreats" led to widespread anxiety among private entrepreneurs. Xi's attendance and speech at the symposium boosted market confidence, with his remark that "private entrepreneurs are our own people" becoming widely circulated. In response, local governments across China, including Guangdong and Jiangsu, quickly followed up with their own provincial-level private enterprise symposiums to implement the directives.

In 2020, as China faced severe economic downturn due to the COVID-19 pandemic, the symposium focused on protecting market entities, restoring business confidence, and promoting entrepreneurial spirit as a driver of economic recovery. Xi urged entrepreneurs to uphold the "New Era Entrepreneurial Spirit", which emphasizes patriotism, innovation, integrity, social responsibility, and a global perspective. He also systematically outlined for the first time the concept of “dual circulation”, a new development framework that prioritizes domestic economic circulation while integrating with the global economy.

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November 1, 2018 Private Enterprise Symposium (Beijing)

The theme of this symposium was: "Unwaveringly Encouraging, Supporting, and Guiding the Development of the Non-Public Economy, Supporting Private Enterprises to Develop and Step onto a Broader Stage."

This was the first high-level private enterprise symposium since the 19th National Congress of the Communist Party of China. It aimed to counter the discourse suggesting the retreat of private enterprises and to strongly reaffirm the Party and the state’s commitment to the basic economic system and private sector development. The meeting sought to provide private businesses with reassurance and policy certainty.

During the symposium, ten representatives of private entrepreneurs delivered speeches, offering opinions and suggestions on supporting private enterprises under the new economic landscape.

Xi Jinping listened attentively, frequently interjecting with discussions, creating a lively atmosphere. In his subsequent speech, he fully affirmed the historical contributions of the private sector, emphasizing that:

1. The role and status of the private economy have not changed.

2. The policies supporting the private economy have not changed.

3. The commitment to creating a favorable environment and providing more opportunities has not changed.

He explicitly stated: "Private enterprises and private entrepreneurs are our own people." He also highlighted the "56789 characteristics" of China’s private sector:

• Contributing over 50% of tax revenue

• Accounting for over 60% of GDP

• Driving over 70% of technological innovation

• Providing over 80% of urban employment

• Representing over 90% of enterprises in China

Six Key Policy Measures for Private Enterprises

To address challenges such as market access, financing, and industrial transformation, Xi Jinping proposed six major policy measures:

1. Reducing the tax burden: Implementing substantial VAT reductions, providing preferential tax relief for small and tech-driven startups, lowering social security contribution rates, and reducing corporate-related fees.

2. Easing financing difficulties: Reforming financial institution assessment mechanisms, expanding access to financial markets, broadening financing channels, providing necessary financial assistance to promising private enterprises, and rectifying delayed payments by large firms and government departments.

3. Ensuring fair competition: Eliminating market barriers, ensuring fair market access, licensing, and bidding opportunities, and encouraging private enterprises to participate in state-owned enterprise (SOE) reforms.

4. Improving policy implementation: Enhancing policy coordination, ensuring that beneficial policies for enterprises are effectively implemented, and applying equal treatment in capacity reduction and deleveraging across all ownership types.

5. Building a transparent and professional government-business relationship: Encouraging government officials to proactively support private enterprises, especially during difficulties, and strengthening public opinion guidance to counter misleading narratives.

6. Protecting entrepreneurs' personal and property rights: Ensuring that law enforcement and anti-corruption investigations distinguish between violations and legitimate business activities, safeguarding entrepreneurs’ legal rights and reducing their concerns.

Xi Jinping also encouraged private entrepreneurs to strengthen self-learning and self-improvement, uphold patriotism and dedication, operate legally and innovatively, contribute to society, and continuously enhance competitiveness through compliance and good governance.

Significance of the 2018 Symposium

This meeting was considered a milestone event. It took place amid escalating U.S.-China trade tensions and declining business confidence in China’s private sector. Xi Jinping forcefully rejected the idea of private sector withdrawal, declaring that the private economy "can only grow stronger, not weaker."

His proposed measures—tax cuts, financial support, and business environment reforms—were soon reflected in subsequent policies. For example:

• In 2019, the Chinese government rolled out large-scale tax reductions, including VAT rate cuts.

• Increased financial support for small and medium-sized enterprises (SMEs).

• Clearing outstanding payments owed to private firms by state entities.

• Strengthening fair competition policies.

Xi’s statement "private entrepreneurs are our own people" became widely quoted, and local governments in Guangdong, Jiangsu, and other provinces quickly followed up with their own private enterprise symposiums.

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July 21, 2020 Entrepreneur Symposium (Beijing)

This was the first national-level entrepreneur symposium chaired by Xi Jinping following the outbreak of COVID-19. Top officials such as Wang Yang, Wang Huning, and Han Zheng attended.

The theme was: "Stimulating Market Vitality, Promoting Entrepreneurial Spirit, and Enabling Enterprises to Play a Greater Role in Development."

Given the economic downturn caused by the pandemic, the meeting focused on protecting market entities, boosting business confidence, and leveraging entrepreneurial spirit for economic recovery.

At the meeting, seven business representatives spoke, including private entrepreneurs, SOE executives, foreign investors, and individual business owners, sharing insights on economic recovery, protecting businesses, technological innovation, deepening reforms, attracting talent, and the 14th Five-Year Plan.

Xi Jinping’s Key Messages

Xi acknowledged the pandemic’s severe impact on China and the global economy, emphasizing that "preserving market entities means preserving productive forces."

He fully affirmed China’s anti-pandemic achievements, stating that economic recovery was better than expected and urging businesses to remain confident and tackle challenges head-on.

Promoting Entrepreneurial Spirit & New Development Framework

Xi emphasized the importance of entrepreneurial spirit, encouraging business leaders to:

• Stay patriotic, innovative, and responsible.

• Contribute to high-quality development and economic modernization.

• Act as driving forces in China’s new economic strategy.

For the first time, Xi systematically outlined the “dual circulation” strategy, which focuses on leveraging China's vast domestic market while maintaining international engagement to ensure economic resilience.

He clarified that the focus on domestic circulation does not mean closing off from the world, but rather enhancing internal demand and linking it more effectively with global markets.

Impact of the 2020 Symposium

The meeting played a crucial role in shaping China’s post-pandemic economic policies. Shortly after, the government introduced relief measures, including:

• Social security and rent reductions,

• Emergency financial support for SMEs,

• Extended loan repayment periods.

Xi’s "domestic circulation" concept was officially adopted as China’s national economic strategy in the 14th Five-Year Plan, reinforcing policies on domestic market growth, supply chain security, and technological self-sufficiency.

This shift signaled stronger support for private tech firms engaged in domestic substitution and innovation.