BANGKOK, Feb 17: On Monday, President Xi Jinping of China convened a meeting with leaders from the private sector, as reported by state media. This engagement comes as government officials strive to rejuvenate an economy that has been impacted by the pandemic, regulatory restrictions, and a real estate downturn.
Among those in attendance was Jack Ma, the founder of Alibaba, who was once the richest man in China. In recent years, he has maintained a low profile and made few public appearances after criticizing the country’s regulatory and financial frameworks during a speech in Shanghai.
Other notable business figures present at the meeting in Beijing included Zeng Yuqun, chairman of battery manufacturer CATL; Wang Chuanfu, chairman of electric vehicle producer BYD; and Pony Ma, CEO of Tencent, which operates WeChat, as indicated by a meeting video released by state broadcaster CCTV and a state media report.
State media reported that Xi delivered “important remarks” to the attendees, although no specifics were provided. A brief report that initially included these details was later removed, and an online search yielded a shorter state media statement that omitted the names of the attendees.
Jack Ma, one of the country’s wealthiest individuals, had previously stated in October 2020 that regulators were overly cautious, prompting the government to halt his plans for an initial public offering of Ant Group, a finance-focused business that evolved from Alipay, a widely used digital payment platform. Subsequently, Ant Group was compelled to restructure into several independent entities.
Alibaba itself faced scrutiny and received a $2.8 billion fine for violations of antitrust regulations. (AP)
