China’s Xi promises policy stability at meeting with business leaders, including Alibaba’s Jack Ma
1 month ago

China’s Xi promises policy stability at meeting with business leaders, including Alibaba’s Jack Ma

Associated Press  

BANGKOK — China’s President Xi Jinping met with private sector business leaders on Monday, offering them assurances that policies regarding the private sector would not change, state media reported, as government officials work to revive an economy disrupted by a pandemic, regulatory crackdowns and a real estate crisis. 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. The president also said the government would “sincerely protect the legal rights of private businesses and entrepreneurs, according to the law.” But, “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.” The words of assurance were made after Beijing launched a crackdown on the tech sector in 2020 to break down monopolies and implement strict data regulations. Other business leaders at Monday’s meeting in Beijing were 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, according to a video of the meeting from state broadcaster CCTV and a state media report.

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