Xi Jinping Assures Business Leaders, Including Jack Ma, of Stable Policies for a Thriving China

BANGKOK — On Monday, China’s President Xi Jinping met with business leaders in Beijing, assuring them that there would be no changes to policies affecting the private sector. This reassurance comes as the government seeks to revive an economy shaken by the pandemic, strict regulations, and a struggling real estate market.

Among the attendees was Jack Ma, founder of Alibaba, who has experienced the brunt of regulatory crackdowns in recent years. Xi emphasized that the Communist Party’s current approach to private businesses is a key part of what they call “the socialist system with Chinese characteristics.” He stated, “They cannot and will not change.”

The president promised to protect the legal rights of private enterprises but reminded everyone that illegal activities would still face scrutiny and punishment. This statement followed significant government efforts to regulate the tech industry, which began in 2020 to dismantle monopolies and enforce strict data laws.

Jack Ma, once the richest man in China, became a prominent figure in these initiatives. His public criticism of Chinese regulators led to a more subdued presence in recent years. Other notable leaders at the meeting included Zeng Yuqun from CATL, Wang Chuanfu from BYD, and Pony Ma from Tencent, which owns WeChat.

During the meeting, Xi encouraged private businesses to thrive and contribute to “common prosperity,” a program aimed at reducing the wealth gap in China. Previously, Alibaba promised $15.5 billion and Tencent committed $7.7 billion to support this cause.

Interestingly, an initial report about the meeting that listed attendees was quickly removed from state media, leaving a more vague statement in its place. Later summaries did include some business leaders but excluded Jack Ma’s name.

Ma had faced significant challenges after a 2020 speech in which he criticized government regulations, which resulted in the cancellation of Ant Group’s IPO and mandated restructuring for the fintech company. Alibaba has also faced fines for antitrust violations, totaling $2.8 billion.

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China, Xi Jinping, private sector, Alibaba, tech industry