Xi Jinping's Shift: Boosting China's Private Tech Sector

China's President Xi Jinping spoke at a symposium attended by tech leaders, including Jack Ma. Aimed at energizing the private sector amid China-U.S. tech tensions, experts see it as a bid to foster domestic and international business growth, signaling a softened regulatory approach.

In a pivotal move, China's President Xi Jinping addressed a symposium dedicated to private enterprises, drawing notable attendance from tech moguls like Alibaba's co-founder, Jack Ma. The event, as reported by state media on Monday, comes amidst ongoing tensions in the China-U.S. technology arena.

The symposium's lack of publicized details has not quelled speculation, with Reuters earlier suggesting its objective is to invigorate the private sector's morale. Xi's speech reportedly aimed to inspire entrepreneurs to expand their operations both domestically and globally, reflecting a strategic shift as the China-U.S. tech rivalry intensifies.

Industry experts, including Xiaoyan Zhang and Christopher Beddor, perceive this gathering as a tacit recognition of the necessity for China's private sector in achieving tech dominance. By including figures like Jack Ma, the meeting was seen as symbolic of a potential end to the tech regulatory crackdown, fostering hope for a more supportive environment.

(With inputs from agencies.)