The meeting marks a shift in attitude following a period of regulatory crackdowns on the tech sector, which began after Jack Ma's criticism of China's financial regulatory system in 2020. The crackdown included halting Ant Group's IPO and fining companies for monopolistic practices. The recent meeting aims to bolster economic recovery by driving consumption and innovation. Notably, Alibaba is partnering with Apple to introduce AI services for iPhone users in China, while Tencent is testing the integration of DeepSeek's AI model in its WeChat app, signaling a renewed focus on technological advancement and growth in the private sector.
Key takeaways:
- Chinese President Xi Jinping met with prominent Chinese tycoons, signaling strong support for private enterprises like Alibaba and Tencent.
- Xi pledged unwavering support to private enterprises, including financing support, tax relief, and a fair competitive environment.
- The meeting is seen as a reversal of Beijing's previous crackdown on the technology sector, which included halting Ant Group's IPO and fining companies for monopolistic practices.
- Alibaba and Tencent are making strides in AI technology, with Alibaba partnering with Apple and Tencent integrating DeepSeek's AI model into WeChat.