A carefully choreographed meeting with CEOs shows Party priorities.

By Lizzi C. Lee | Foreign Policy

Chinese President Xi Jinping’s rare and meticulously choreographed meeting with the country’s top private entrepreneurs underscores a pivotal shift in Beijing’s economic strategy. Every detail, from the seating arrangements to the choice of speakers, carried calculated signals about China’s evolving priorities.

Summary

President Xi Jinping’s high-level meeting with private entrepreneurs, held just before the annual National People’s Congress session, marks only the third such gathering since he took office. Aiming to restore confidence in the troubled private sector and outline its future role in China’s development, the presence of Xi himself underscored the CCP’s commitment to the private sector, but on its own terms, with a focus on techno-industrial ambitions.

China’s economic landscape is rapidly transforming, with breakthroughs in AI, robotics, and high-end manufacturing injecting optimism. Companies like DeepSeek, Unitree Robotics, and BYD have gained international attention. However, these advancements come amidst growing geopolitical challenges, including a more adversarial U.S. and tightening global supply chains.

The seating arrangement at the meeting was deliberate, reflecting the importance of certain sectors and individuals. At the center, directly opposite Xi Jinping, was Huawei Technologies founder and CEO, Ren Zhengfei. Flanking him were Wang Chuanfu and Liu Yonghao of New Hope, representing high-tech manufacturing and agriculture—two sectors crucial to China’s long-term security and economic stability. Also prominently positioned were Renrong Yu of OmniVision Technologies and Liang Wenfeng of DeepSeek, reflecting China’s heightened focus on AI, semiconductors, and domestic technology innovation.

Meanwhile, internet giants Alibaba and Tencent were seated further from the center, signaling that their era of expansionism is over. The government’s focus has decisively shifted from platform economies to “hard tech,” aligning with Beijing’s broader push for technological self-reliance and industrial upgrading.

The meeting also highlighted generational renewal. Entrepreneurs like Wang Xingxing of Unitree Robotics (born in the 1990s) and Liang Wenfeng of DeepSeek (born in the 1980s) represent a new wave of young innovators driving China’s future competitiveness. Their inclusion signaled Beijing’s intent to cultivate a tech-driven, innovation-focused private sector, ensuring that China’s industrial ambitions are not just about preserving past successes but also securing future dominance.

Xi’s speech reaffirmed state support for private business but with the condition that enterprises must serve broader national objectives. The message was clear: private businesses must align with national priorities to thrive.

The immediate market response was positive, with stocks in AI, semiconductors, and industrial automation surging. However, history suggests caution, as regulatory crackdowns on the property sector remind us that policy priorities can shift rapidly. The meeting signaled a new reality where private enterprise is an instrument of national strategy, and those who innovate in priority sectors will find state support, while those who fail to adhere risk falling by the wayside.

The original report is available at the publisher’s website here.