Xi Jinping's Symposium Signals Shift in China's Tech Policy

Chinese President Xi Jinping has addressed private sector entrepreneurs at a symposium, emphasizing the need to bolster private enterprises amidst a tech rivalry with the U.S. The presence of Alibaba's co-founder Jack Ma highlighted a potential policy shift towards supporting tech companies. Experts view this as a positive direction.

In an effort to foster growth and innovation among private enterprises, China's President Xi Jinping recently delivered a crucial speech at a symposium attended by notable tech entrepreneurs, including Alibaba co-founder Jack Ma. According to officials, the event was designed to invigorate private-sector sentiment, especially during the ongoing China-U.S. technology standoff.

The meeting signifies a potential shift in China's tech policy, offering a more supportive stance as the country aims to outpace U.S. competitors. Experts like Gary Ng from Natixis interpret the inclusion of Jack Ma as a sign of the government's changing attitudes, even though the regulatory environment remains uncertain.

Christopher Beddor from Gavekal Dragonomics emphasizes that innovative breakthroughs are emerging from private firms, forcing the government to align with them to maintain its tech edge. This development marks a departure from previous policies aimed at restraining the sector's expansion, potentially heralding a new era of government-private sector collaboration.

(With inputs from agencies.)