Chinese President Xi Jinping plans to lead a symposium attended by the country’s business leaders, including Alibaba co-founder Jack Ma, according to Reuters.
Xi’s participation in the meeting highlights the many challenges facing China Inc, from escalating tensions with the United States under President Donald Trump to a slowing domestic economy. Xi Jinping is expected to encourage the technology sector to expand its business at home and abroad.
The symposium could reportedly take place on Monday. Pony Ma, the CEO of Tencent, Lei Jun, the chief executive of Xiaomi, as well as Wang Xingxing, the founder of robotics company Yushu Technology, will also attend the meeting.
According to the two sources, DeepSeek founder Liang Wenfeng and an executive from Huawei Technologies are also expected to participate in the event. The presence of DeepSeek’s founder will further cement the startup’s newfound status as potentially one of the biggest disruptors of the global AI industry.
Hong Kong-listed Alibaba, Tencent and Xiaomi shares rose in the afternoon following the news. Xiaomi ended trading at a record high with a rise of 7 per cent. Tencent also closed 7 per cent higher, whereas Alibaba rose 6 per cent.
Xi first led a high-profile private sector symposium in late 2018, six years after he assumed office. At the time, he pledged to cut taxes and establish an equal playing field, promising private companies access to financial support.
