Business | China’s Leader Embraces Business, Even Jack Ma. But Will It Be Enough?
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China’s Leader Embraces Business, Even Jack Ma. But Will It Be Enough?
The once-sidelined Alibaba founder was among the executives who met with Xi Jinping, in what was seen as a show of support for private enterprise by Beijing.
Jack Ma, second from left, and other Chinese business leaders during a meeting in Beijing presided over by Xi Jinping, China’s leader, on Monday. Credit… China Central Television Feb. 17, 2025 Updated 6:19 a.m. ET
When Beijing sidelined Jack Ma, China’s most prominent entrepreneur, by slamming the brakes on his business in 2020, it sent an unmistakable message that no company was above the Chinese Communist Party.
On Monday, China’s top leader, Xi Jinping, tried out a different approach.
Mr. Xi met with corporate chieftains, including Mr. Ma, who has largely kept out of the public eye for the past four years, in a show of support at an economically precarious time.
The heads of the electronics companies Huawei and Xiaomi, the battery maker CATL and the electric vehicle giant BYD were among the business leaders who applauded and took notes as Mr. Xi presided over the meeting, according to a video published by state media.
Mr. Xi called on private enterprises to “have ambition to serve the country” in a nod to the role that Chinese entrepreneurs play in developing technologies at the heart of China’s geopolitical showdown with the United States.
It was the first gathering between Mr. Xi and corporate leaders since President Trump targeted China in a series of tariffs, adding to a growing list of threats to China’s economy, on top a property crisis, falling prices and fragile consumer sentiment.
The private sector has taken a back seat under Mr. Xi, who has put greater emphasis on state-owned enterprises in a drive for self-reliance. Reports over the weekend that Mr. Xi might meet with business leaders had sparked optimism among investors that Beijing might change tack.
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