Xi Celebrates Chinese Entrepreneurs

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China tech sector

Reuters

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Technology

Analysis-Xi's new frontline corporate guard showcases his priorities, control

Summary

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79% Informative

Xi mobilised to frontlines a private sector battalion that included the founders of electric car maker BYD , tech giants Huawei , Alibaba, Tencent and Xiaomi .

The firms are key to achieving Xi 's belief that "new productive forces" are needed for China to escape its middle-income trap, compete with the United States and revitalise a stubbornly sluggish domestic economy.

Markets have cheered the meeting as a signal that private enterprise will be treated kindly and that the crackdown on tech giants is over.

Previous disappointments are fresh in investors' minds and a brake on outright exuberance.

Hong Kong's Hang Seng tech index touched a three-year peak on Tuesday .

Shares in Alibaba rose 2% after CCTV showed Xi shaking hands with founder Jack Ma .

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formal

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English

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