Xi Jinping Meets Business Leaders; Assures Policy Stability

Chinese President Xi Jinping met several private sector business leaders on February 17 and assured them that policies regarding the private sector would not change, state media reported. This development comes after government officials are en route to revive the economy amid disruptions caused by the pandemic, regulatory crackdowns and a real estate crisis.

Several business leaders including Alibaba founder Jack Ma were present during the interaction.

Xi told the audience that the Communist Party and the government's approach towards the private sector has been incorporated into “the socialist system with Chinese characteristics,” which is how the Party describes its governance, according to state broadcaster CCTV. “They cannot and will not change,” said Xi.

He said that the government would, “sincerely protect the legal rights of private businesses and entrepreneurs, according to the law.” He added, “at the same time, we must realize that our country is a socialist country ruled by law, and any type of illegal activities by enterprises cannot avoid investigation and punishment.”

Several leaders were present during the event which included Zeng Yuqun, the chairman of battery developer CATL, Wang Chuanfu, chairman of electric cars manufacturer BYD, and Pony Ma, the CEO of Tencent, which owns WeChat.

Xi said that businesses will continue to “get rich first, and then promote common prosperity.” While Tencent pledged $7.7 billion, Alibaba gave $15.5 billion for the cause.

Notably, Jack Ma in 2020 came under heavy criticism after he called the Chinese regulators too conservative. The speech drew sharp repercussions as the government halted plans for Ant Group's stock market debut.