China signals end to tech crackdown with xi‑jack Ma meeting
Chinese President Xi Jinping met with Alibaba co-founder Jack Ma and other prominent entrepreneurs, signalling support for the private sector. The meeting may signify the end of regulatory restrictions for Chinese tech giants.
President Xi Jinping participated in a symposium with leading entrepreneurs, which, according to "CNBC," signals renewed support for the private sector. This meeting could be crucial for China’s economic revival, as the country struggles with low consumption and issues in the real estate sector.
Peiqian Liu, an economist at Fidelity International, emphasised that the meeting sends a "very clear signal of support" for entrepreneurs.
This could boost optimism and growth in China, especially if policymakers decide to support the development of the tech sector. The meeting may signify the end of existing regulatory restrictions since 2020.
According to "CNBC," Jack Ma, the founder of Alibaba, participated in the meeting, suggesting Beijing may be easing its approach to large tech companies. The invited guests also included billionaire and CEO of Xiaomi Corp. Lei Jun, Wang Xing of Meituan, Wang Xingxing of robotics company Unitree, and the founder of Huawei Technologies Co., Ren Zhengfei, Bloomberg reports.
Andy Maynard from China Renaissance noted that this could be a symbolic turning point for the Chinese tech sector after years of intense scrutiny.
