Chinese tech tycoons lined up to express confidence in the country's embattled private sector following rare talks with President Xi Jinping this week, state media reported today.
Xi held a meeting with business luminaries including Alibaba's Jack Ma in Beijing yesterday, with state news agency Xinhua reporting the Chinese leader as saying the problems facing private firms were "surmountable".
The remarks signalled a potential about-face from Xi, who has strengthened the role of state enterprises in the world's second-largest economy and cracked down on "disorderly" expansion in several industries in recent years.
China is battling slowing economic growth amid a real-estate crisis, persistently low consumption and high youth unemployment.
State media broadcast a procession of business luminaries at the meeting proclaiming their faith in the future of the private economy.
"I believe the private sector now has the greatest confidence," Wang Chuanfu, head of electric-vehicle giant BYD, said, according to state broadcaster CCTV.
"As long as we have faith, we can run our businesses better and better," he said.
Lei Jun, CEO of consumer tech titan Xiaomi, said the talks "multiplied confidence for us private entrepreneurs", CCTV reported.
Beijing has rolled out a slew of policies to create jobs and get people to spend more in order to boost growth, but they have had a limited effect so far.
Xi portrayed private sector challenges as a result of reform and industrial transformation but said they were temporary and "surmountable rather than unsolvable".
He urged attendees to "unify thought and action" around the ruling Communist Party's economic policies, "see the prospects, see the light, and see the future".
Ma, the co-founder of Alibaba and one of China's most recognisable businessmen, was pictured applauding Xi as he entered the venue in Beijing. State media did not report any remarks by Ma.
State media footage showed that the participants also included Tencent chief Pony Ma and Liang Wenfeng, founder of DeepSeek, the artificial intelligence firm whose chatbot has caused a global stir in recent weeks.
