Xi Jinping Assembles China's Tech Titans for Economic Revival

President Xi Jinping gathered top Chinese entrepreneurs, including leaders from tech firms like Huawei and Alibaba, to bolster technological self-reliance amidst a tech war with the U.S. The meeting emphasized private sector influence on China's economic strategy, signaling a shift in Beijing's approach to economic revitalization.

President Xi Jinping convened with leading Chinese entrepreneurs in Beijing, spotlighting the rising importance of private companies in China's tech-driven economic strategy. With representatives from major firms like Huawei, Alibaba, and BYD, the meeting marks a significant shift in Beijing's economic management amidst escalating tensions with the United States.

According to analysts, Monday's symposium focused on mobilizing key industry players to achieve technological self-reliance and bolster supply-chain security. This comes as economic challenges persist, highlighted by lagging domestic growth and a property slump. Xi's direct endorsement of private enterprise indicates a strategic realignment.

The upcoming Private Economy Promotion Law further underscores this commitment, aiming to ensure equitable treatment for private companies. Market responses have been cautiously optimistic, with indicators like Hong Kong's tech index rising in anticipation of improved conditions for China's tech sector.

(With inputs from agencies.)