Chinese President Xi Jinping met with top private sector leaders, including Alibaba co-founder Jack Ma, on Monday. The gathering, held at Beijing’s Great Hall of the People, was captured in state media footage, showing Ma standing and applauding as Xi entered the room.
Since taking office over a decade ago, Xi has emphasized strengthening state-owned enterprises while cautioning against unchecked private sector growth. However, amid a slowing economy, declining consumer demand, a real estate crisis, and rising youth unemployment, he has reportedly sought dialogue with business leaders to address economic concerns.
While details of the meeting were not immediately disclosed, Ma’s presence signals a potential resurgence in his public profile. The billionaire, who founded Alibaba in 1999 and turned it into one of China’s leading private companies, had stepped back from public life following regulatory scrutiny. In 2020, authorities abruptly halted the anticipated IPO of Alibaba’s affiliate, Ant Group, after Ma criticized financial regulators. Since then, he has focused on philanthropy and rural education while maintaining a significant shareholding in Alibaba.
Alibaba, which is set to release its latest earnings report this week, has seen its stock surge by over 40% this year.
Other notable attendees at the meeting included Ren Zhengfei, founder of Huawei; Wang Chuanfu, founder of electric vehicle giant BYD; Robin Zeng, founder of battery manufacturer CATL; and Wang Xing, co-founder of internet platform Meituan. Footage showed Xi, Ren, and Wang addressing the meeting, though their statements were not immediately made public.
China’s economic recovery remains sluggish, with GDP growth recorded at 5% last year—one of the lowest in decades. The government is expected to target a similar growth rate in 2025 but may face challenges, particularly as trade tensions escalate. The U.S. has imposed additional tariffs on Chinese imports, prompting Beijing to retaliate with levies on coal and gas.
