China’s Xi Meets Business Leaders, Including Alibaba’s Jack Ma

Chinese President Xi Jinping met with top private-sector business leaders, including Alibaba co-founder Jack Ma, at Beijing’s Great Hall of the People on Monday, state media reported.

Since taking power over a decade ago, Xi has prioritized strengthening state-owned enterprises while curbing the “disorderly” expansion of the private sector. However, with China’s economy facing persistent challenges—such as a real estate crisis, weak consumer spending, and high youth unemployment—Xi is now engaging with business leaders to navigate economic uncertainties.

State broadcaster CCTV aired footage of the meeting, showing Ma standing and applauding as Xi entered. While details of their discussions were not immediately disclosed, Ma’s presence signals a potential public rehabilitation after years of regulatory scrutiny that saw him retreat from the spotlight.

Ma, who founded Alibaba in 1999, built it into one of China’s leading private enterprises but faced setbacks after authorities blocked the IPO of its affiliate, Ant Group, in 2020. Although he no longer holds an executive role at Alibaba, Ma retains a significant stake in the company and has recently focused on philanthropy and rural education. Alibaba’s stock has surged over 40% this year, with the company set to release its latest earnings report this week.

Other prominent business figures at the meeting included Ren Zhengfei, founder of tech giant Huawei; Wang Chuanfu, founder of EV manufacturer BYD; Robin Zeng, head of battery producer CATL; and Wang Xing, co-founder of internet platform Meituan. CCTV aired clips of Xi, Ren, and Wang speaking but did not provide transcripts or audio of their remarks.

China’s economy grew by 5% last year—one of its slowest rates in decades. The government is expected to target similar growth in 2025, though ongoing trade tensions with the U.S., particularly under the renewed tariff policies of former President Donald Trump, could pose additional challenges.