For the first time since 2018, the Chinese president convened top business executives, including Jack Ma of Alibaba.

In a much-awaited event that demonstrated Beijing's unambiguous support for the private sector, especially the tech sector, President Xi Jinping convened a meeting with China's leading entrepreneurs on Monday. It was the first such gathering since 2018.  According to Xinhua, Xi was cited as adding that the government's fundamental policies and principles for the private sector, which are deeply ingrained in the socialist system, would continue to be robust and unalterable.

In the midst of a growing competition with the United States, Xi encouraged China's top entrepreneurs to contribute more to the nation's technological innovation while promising them continued government backing and increased market access.

Attendees included Wang Chuanfu, chairman and CEO of electric automaker BYD; Pony Ma Huateng, founder and CEO of Tencent; Lei Jun, founder and CEO of Xiaomi; Jack Ma, founder of Alibaba Group; and Ren Zhengfei, founder and CEO of Huawei Technologies. The South China Morning Post belongs to Alibaba.

The president also promised to work hard to overcome the financing challenges and high financing costs for private companies, as well as to further the opening of competitive infrastructure sectors to a range of market entities.

According to the president, companies must improve their internal operations to guarantee transparency and equity. This includes coordinating shareholder collaboration, closely monitoring internal operations, and ensuring risk management capabilities.