Xi convenes private enterprise symposium; Wang Yi in Munich; Taiwan; Tesla FSD and US-China trade
Summary of today’s top items:
1. Xi convenes private enterprise symposium - Xi held his third symposium with private entrepreneurs since 2018. He previously convened one on November 1, 2018 and another on July 21, 2020. Three other Standing Committee members attended - Li Qiang, Wang Huning and Ding Xuexiang. This meeting should not be needed at all, but given the challenges the private sector has faced, the damage to confidence over the last several years, the economic downturn and the technology war with the US, the top leadership needs to harness and encourage the best, most innovative companies in the private sector to contribute to revitalizing the economy and breaking through the technology chokeholds.
I translated the full readout here. Xi told the group that:
In the new era and on the new journey, the prospects for the development of the private economy are broad and promising; it is the right time for private enterprises and private entrepreneurs to fully display their talents. We must unify our thinking and strengthen our confidence to promote the healthy and high-quality development of the private economy. It is hoped that private enterprises and private entrepreneurs will be driven by a sense of national duty, devote themselves wholeheartedly to development, operate lawfully and manage their businesses well, and, while achieving wealth, also promote common prosperity—thus making new and greater contributions to advancing Chinese modernization…
新时代新征程民营经济发展前景广阔、大有可为，广大民营企业和民营企业家大显身手正当其时。要统一思想、坚定信心，促进民营经济健康发展、高质量发展。希望广大民营企业和民营企业家胸怀报国志、一心谋发展、守法善经营、先富促共富，为推进中国式现代化作出新的更大的贡献。
Xi Jinping stressed that the difficulties and challenges currently faced by the private economy are, on the whole, issues that have arisen during reform, development, and industrial transformation and upgrading. They are localized rather than widespread, temporary rather than long-term, and surmountable rather than unsolvable. We must align our thoughts and actions with the Central Committee’s assessment of the domestic and international situation and its decisions regarding economic work; in the midst of difficulties and challenges, we must see prospects, light, and the future, maintain our developmental resolve, strengthen our confidence, and keep the fighting spirit of striving to win…
习近平强调，当前民营经济发展面临的一些困难和挑战，总体上是在改革发展、产业转型升级过程中出现的，是局部的而不是整体的，是暂时的而不是长期的，是能够克服的而不是无解的。要把思想和行动统一到党中央对国内外形势的判断上来，统一到党中央对经济工作的决策部署上来，在困难和挑战中看到前途、看到光明、看到未来，保持发展定力、增强发展信心，保持爱拼会赢的精气神。
Private enterprises and entrepreneurs must be filled with entrepreneurial and patriotic passion, continually elevate their ideals, deeply cultivate a sense of national responsibility, and, even as they prosper, remain mindful of their roots and strive for further progress. They should promote the spirit of entrepreneurship and devote themselves to strengthening, optimizing, and expanding their enterprises, firmly positioning themselves as builders of socialism with Chinese characteristics and promoters of Chinese modernization. They must unswervingly pursue high-quality development, stick to their core businesses, strengthen the real economy, enhance independent innovation, transform their development models, and continuously improve quality, efficiency, and core competitiveness—thereby contributing to the promotion of technological innovation, the nurturing of new productive forces, the construction of a modern industrial system, the comprehensive promotion of rural revitalization, the facilitation of coordinated regional development, and the improvement and protection of people’s livelihoods…They must adhere to integrity and lawful operations, establish correct values and ethical standards, and promote the healthy development of the private economy through concrete actions. In addition, they should actively fulfill their social responsibilities by building harmonious labor relations, protecting the ecological environment, participating in public welfare and charitable activities to the best of their ability, and contributing generously to society.
广大民营企业和民营企业家要满怀创业和报国激情，不断提升理想境界，厚植家国情怀，富而思源、富而思进，弘扬企业家精神，专心致志做强做优做大企业，坚定做中国特色社会主义的建设者、中国式现代化的促进者。要坚定不移走高质量发展之路，坚守主业、做强实业，加强自主创新，转变发展方式，不断提高企业质量、效益和核心竞争力，努力为推动科技创新、培育新质生产力、建设现代化产业体系、全面推进乡村振兴、促进区域协调发展、保障和改善民生等多作贡献…要坚持诚信守法经营，树立正确价值观和道德观，以实际行动促进民营经济健康发展。要积极履行社会责任，积极构建和谐劳动关系，抓好生态环境保护，力所能及参与公益慈善事业，多向社会奉献爱心。
CCTV’s Yuyuan Tantian created a graphic of some of the entrepreneurs in attendance:
The English translation:
Multiple companies from smart manufacturing, digital technology, green energy, and other industries participated in the symposium.
Partial List of Attendees
Huang Daifang - Chairman of the Board, Taihao Group
Lei Jun - Chairman, Xiaomi
Leng Youbin - Chairman, Feihe
Liang Wenfeng - Founder, DeepSeek
Liu Yonghao - Chairman, New Hope Group
Ma Huateng (Pony Ma) - Chairman & CEO, Tencent
Ma Yun (Jack Ma) - Founder, Alibaba
Nan Cunhui - Chairman, Chint Group
Qi Xiangdong - Chairman, Qi An Xin Group
Ren Zhengfei - CEO, Huawei
Wang Chuanfu - Chairman, BYD
Wang Xingxing - CEO, Unitree Robotics
Yu Renrong - Chairman, Will Semiconductor Shanghai
Zeng Yuqun (Robin Zeng) - Chairman, CATL
Ren Zhengfei, Wang Chuanfu, Liu Yonghao, Yu Renrong, Wang Xingxing, and Lei Jun delivered comments. CCTV showed Xi shaking hands with all the entrepreneurs, including Jack Ma and Liang Wenfeng. It is bad news for Baidu and Jd.com that their CEOs were not invited.
A Sinocism reader (
, author of Momentum) created a partial seating chart and posted it to the ongoing chat thread about the meeting:
Jack Ma’s attendance, his seating in the front row, even though he did not speak, and his handshake with Xi are clear signs he has been rehabilitated after the Ant debacle. As a loyal Communist Party member Ma played his struggles well, keeping a low profile, not complaining publicly about his treatment and doing what was needed to get back into the good graces of Xi. What this means substantively for Alibaba going forward is not clear, but Xi having Ma, one of the world’s greatest living entrepreneurs, attend this forum is an encouraging signal for private businesses.
CCTV also showed Xi shaking hands with DeepSeek’s Liang Wenfeng:
DeepSeek’s, and Liang’s, rise in the last few months is remarkable.
The good news is that unlike at the 2020 symposium Xi didn’t mention by name several patriotic entrepreneurs who ended up “donating” their assets to the country and at least in one case committed suicide. Now we are left waiting for even more substantive policy measures to back up the Party’s renewed embrace of the private sector.
2. Private Economy Promotion Law - The 14th session of the NPC Standing Committee will meet in Beijing from February 24 to 25. The agenda includes “reviewing the draft of the Private Economy Promotion Law”, which will then likely pass at the National People’s Congress meeting that starts in early March. Passage of that law, soon after Xi’s symposium with private businesses, and whatever new stimulus gets announced, may give another boost to the private sector and related stocks.