Since taking office more than ten years ago, China’s President Xi Jinping has tried to strengthen the role of state companies in the second largest economy in the world and to warn of the partially “chaotic” expansion of the private sector. Last week, an upcoming meeting between President XI and leading personalities from the economy was reported.
This meeting took place under special circumstances: China faces a weakening economy, suffers from a real estate crisis, a persistently weak consumption demand from households and high youth unemployment. The state television station CCTV reported that the meeting took place on Monday in the People’s Palace, a traditional place for significant political and diplomatic meetings in the heart of Beijings.
A video shows Jack Ma how he gets up and with other participants: applauded inside when XI jinping enters into the room. The Alibaba founder’s invitation to this meeting indicates that he has now experienced a certain rehabilitation after he was forced to withdraw from the public for a long time.
Rare public appearances
In 2020, Jack Ma had publicly criticized the financial regulators: on the inside. A few days later, China stopped the planned IPO of Ant Group, a subsidiary of Alibaba. At that time, Ant Group caused concern with the financial supervisory authorities because the company entered the field of consumer loans, asset management and insurance. According to his critical statements, Jack Ma rarely appeared in public, which indicated a tense relationship with the Chinese executives.
Ma used to be an English teacher and founded Alibaba in 1999, which became one of the best known and most important private companies in China. Among other things, the group operates the Taobao app, which dominates a large part of the online trade in the country.
In the meantime, MA is no longer the Alibaba CEO, but continues to hold a significant share in the company. In recent years he has devoted himself to philanthropic projects and rural education – his great passion. Alibaba’s shares have increased by more than 40 percent since the beginning of January, and the company will publish its quarterly figures this week.
Trump’s threats
The founder of the telecommunications giant Huawei, Ren Zhengfei, and the founder of the large electric vehicle manufacturer BYD, Wang Chuanfu, also took part in the meeting on Monday. CCTV showed pictures of XI Jinping, Ren Zhengfei and Wang Chuanfu, who had their say without immediately spreading their statements or offering a summary. The other participants included Robin Zeng, founder of the Chinese battery -tong as well as Wang Xing, co -founder of the Mituan internet platform, which, among other things, specializes in the delivery of meals. China has difficulty boosting its economy since the end of Covid pandemic. Last year, the economy grew by five percent, one of the slowest growth rates in the country for decades.
The Asian giant could be confronted with further challenges because Donald Trump threatens to take Chinese imports with new tariffs. The American president has already imposed a increase in tariffs by ten percent to all products from China. Beijing has reacted with tariffs to US products such as coal, liquefied natural gas (LNG) and oil.
This article was used with digital tools translated.
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