China's Xinhua News Agency Reports Attendance at Symposium... No Specific Details Provided
Has Jack Ma Restored Relations with President Xi?
Alibaba Group headquarters located in Beijing, China. Amid the ongoing US-China trade war, expectations have grown for beneficial policies as Chinese President Xi Jinping attended a symposium for private enterprises centered on information technology (IT) companies. /AFP·Yonhap AFP Yonhap News Photo by AFP
Amid the ongoing US-China trade war, expectations have grown for beneficiary policies as Chinese President Xi Jinping attended a symposium focused on private enterprises, particularly in the information technology (IT) sector. Notably, Jack Ma, the honorary chairman and founder of Alibaba?one of China's largest e-commerce platforms who stepped down from management in 2019 after criticizing Chinese authorities?was invited to the forum, causing Alibaba Group's stock to surge.
China's Xinhua News Agency Reports Attendance at Symposium... No Specific Details Provided
Chinese state-run Xinhua News Agency reported on the 17th that President Xi Jinping attended a private enterprise symposium (roundtable). The agency stated that after listening to speeches from private enterprise representatives, Xi delivered an important address, but did not disclose specific content.
It is presumed that President Xi encouraged business leaders to expand their domestic and international operations amid escalating trade tensions with the US and prolonged economic slowdown in China. Xi has emphasized semiconductor self-reliance and promoting economic development through artificial intelligence (AI).
According to footage released by China Central Television (CCTV), attendees included Jack Ma of Alibaba, Lei Jun, chairman of Xiaomi?the leading Chinese smartphone maker that has also entered the electric vehicle market?and Wang Xingsing, chairman of Unitree, which recently gained prominence with its humanoid robot unveiling. Also present were Huawei founder Ren Zhengfei; Wang Chuanfu, chairman of BYD, the world's top electric vehicle company; Zeng Yuqin, chairman of CATL, the world's largest battery manufacturer; Liang Yubin, vice chairman of the All-China Federation of Industry and Commerce; Wei Runlong, founder of semiconductor giant Wei'er Semiconductor; and Nan Chunhui, chairman of transformer manufacturer Zhengtai Group.
Reuters, citing Chinese economic media Caixin, reported that Liang Yuanfeng, founder of DeepSeek?who recently caused a global sensation with the launch of a low-cost, high-efficiency generative AI model?was also among the attendees. This marked Liang's first public appearance since DeepSeek's breakthrough. Liang had previously attended a symposium chaired by Premier Li Chang on the 20th of last month when DeepSeek released its inference AI model 'R1,' but had maintained a low profile since attracting worldwide attention.
Attendees gave President Xi a standing ovation upon his entrance, each delivered remarks, and listened attentively during his speech. Most took meticulous notes of Xi's statements.
Earlier, Reuters reported on the 14th that Xi, who rarely hosts symposiums on the private sector, convened top executives from the tech industry. Xi first hosted a private enterprise symposium in 2018, six years into his administration.
Has Jack Ma Restored Relations with President Xi?
Market attention is focused on whether Jack Ma has restored his relationship with President Xi. Bloomberg News viewed Xi's meeting with Ma as a strong signal that the Chinese Communist Party is reinforcing support for the private sector to drive economic growth.
Previously, in October 2020, Ma sharply criticized financial regulatory authorities at a forum attended by top officials including Vice President Wang Qishan, which triggered intensified regulatory crackdowns on big tech.
Shortly after Ma's remarks, the planned November 2020 IPO of Ant Group, Alibaba's financial affiliate, was abruptly halted, and Alibaba was forced to cease its core revenue-generating activities such as internet microloans and financial investment product sales. Furthermore, during Ma's two-year absence from public view while traveling abroad, authorities investigated Alibaba and imposed multibillion-dollar fines.
Following news of Ma's attendance at President Xi's symposium, Alibaba Group's stock price surged to its highest level in three years since the end of 2021. Alibaba Group Holding's American Depositary Receipts (ADR) listed on the New York Stock Exchange rose 4.34% to $124.73.
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