US-China Trade War Pushes President Xi to Chair Private Sector Symposium after 8 Years
President Xi Jinping of China is planning to chair a symposium aimed at improving the sentiments of private sector players next week. The symposium that Xi will chair is expected to bring together top business leaders in China, including Alibaba’s Jack Ma, Reuters reported.
Business Expansion Appeal
The symposium will most likely be held on Monday, February 17, 2025. The majority of the participants who attend the Chinese symposium will be drawn from the tech sector. President Xi is expected to appeal to Chinese entrepreneurs to expand their enterprises globally and locally amidst the intensifying tech war between the US and China.
The Chinese President does not chair symposiums in the private sector regularly. Xi’s decision to boost the private sector highlights the many challenges that corporations in China face as tensions between the US and China escalate under Donald Trump. The rising tensions between the two countries continue to affect the growth of China’s domestic economy.
The first time that Xi chaired a private sector symposium was in 2018, about six years after he assumed office. During this meeting, he committed to reduce taxes and level the playing field. He also assured the private companies of financial banking.
The Jack Ma Factor
Jack Ma’s public appearance in the upcoming symposium is expected to boost confidence in China’s tech industry growth. The entrepreneur, who once ranked highly in China, withdrew from the public after Chinese authorities stopped his fintech company’s initial public offering back in 2020. The action came after Jack Ma criticized the country’s regulatory system in one of his speeches.
Later, Chinese authorities launched regulatory crackdowns targeting Jack Ma’s business establishments and the broader tech industry. Ma’s reappearance in public could be a sign of the Chinese government’s change in the way it handles the private sector.
Earlier this week, Alibaba stocks surged by 8% following news of a possible AI partnership between Apple and Alibaba. The tech giant has joined the hype in China’s AI industry. On January 29, the tech company unveiled its Qwen 2.5, an AI model that it says surpasses the now-popular DeepSeek-V3 model.
President Xi has emphasized the need for the country to attain common prosperity in recent years. The Chinese leader has also acknowledged the need for private companies to be patriotic, rich, and loving.
He has encouraged them to share the proceeds of the growth more equitably with their staff. Some critics have interpreted his sentiments as an encouragement to take caution on risky investments and reduce excesses in some industries.
China’s AI Vision
For a long time, Xi Jinping has underscored the need for his country to become self-sufficient in the production of semiconductors. The President is keen on getting his country to leverage AI to spur economic growth. However, China’s efforts have been affected by Washington’s move to control chip exports. The US fears that China may use its advanced chips to enhance its military capabilities.
DeepSeek founder Liang Wenfeng will be attending the upcoming private sector event. His presence in the symposium is expected to amplify his newfound fame as one of the largest disruptors of the AI industry globally. In January 2025, Wenfeng spoke at a closed-door event that was hosted by China’s Premier Li Qiang. DeepSeek has taken the world by storm after claiming that its AI models cost a fraction of the cost that US rivals spent.
Other event attendees include Pony Ma, the CEO of China’s tech giant Tencent, Lei Jun, the CEO of electric car and smartphone Xiaomi, Wang Xingxing who is the founder of robotics firm Yushu Technology. Executives from Huawei Technologies will also be attending the event.
Shares of Chinese tech companies Alibaba, Xiaomi, and Tencent rose on February 14. Xiaimi stocks and Tencent stocks rose by 7% while Alibaba closed the day 6% up.
