Chinese XI Jinping talks with entrepreneurs at a rare high profile meeting

Chinese President XI Jinping gave a speech on a symposium with distinguished entrepreneurs on Monday, states State media Xinhuasignaling a shift towards the renewed support to the private sector.

The meeting sends a “very clear support signal of the highest level” of the private sector entrepreneurs, Peiiqian Liu, an Asian economist from Fidelity International, said to CNBC: “This is likely to re -redeem the animal spirit and optimism regarding the renewed growth of growth in China.”

“This could potentially be even more powerful than fiscal stimuli, whether creators of politics should show more crucial support for the development of a technological sector in China,” Liu added.

Beijing struggled with false domestic consumption, prolonged fall of real estate and outer winds, such as tariff on its export.

The meeting could mark “a symbolic turning point for the Chinese Technology Sector after years of increased surveillance,” said Lynn Song, the main economist from LNG, emphasizing the time of this meeting, he underlined the urgency of Beijing to cheer the private sector in the middle of the economic abuse and external tariff risks.

This could mean that “the regulatory blanket we have been in the last two years or approximately,” said Andy Maynard, the general director and head of the shares in Renaissance China.

Reuters reported last week that Alibaba Jack’s founder could be among the entrepreneurs invited to a meeting. Maov’s potential return to the center of attention could strengthen the expectation that Beijing softens his access to major technological companies, Maynard said.

At the end of 2020, Beijing launched a regulatory storm against major technological companies in the country out of concern that they became too big and powerful.

The CSI 300 Continental China index has been a little changed after the news.