China's Xi promises policy stability at meeting with business leaders, including Alibaba's Jack Ma

BANGKOK (AP) — China's President Xi Jinping met with private sector business leaders on Monday, offering them assurances that policies regarding the private sector would not change, state media reported, as government officials work to revive an economy disrupted by a pandemic, regulatory crackdowns and a real estate crisis.

Among those present was Alibaba founder Jack Ma, who was part of a focus on a crackdown on the tech industry in recent years.

Xi told the audience that the Communist Party and the government's approach towards the private sector has been incorporated into “the socialist system with Chinese characteristics," which is how the party describes its governance, according to state broadcaster CCTV. “They cannot and will not change,” said Xi.

The president also said the government would “sincerely protect the legal rights of private businesses and entrepreneurs, according to the law.” But, “at the same time, we must realize that our country is a socialist country ruled by law, and any type of illegal activities by enterprises cannot avoid investigation and punishment.”

The words of assurance were made after Beijing launched a crackdown on the tech sector in 2020 to break down monopolies and implement strict data regulations.

One of the most public faces of that crackdown was Ma, who founded e-commerce firm Alibaba in the 1990s and was once China’s richest man. He has kept a low profile with few public appearances in recent years after he publicly criticized China’s regulators and financial systems during a speech in Shanghai.

Other business leaders at Monday's meeting in Beijing were Zeng Yuqun, the chairman of battery developer CATL, Wang Chuanfu, chairman of electric cars manufacturer BYD, and Pony Ma, the CEO of Tencent, which owns WeChat, according to a video of the meeting from state broadcaster CCTV and a state media report.

Xi said he hoped private businesses will continue to “get rich first, and then promote common prosperity,” a reference to a program to encourage development and close the wealth gap. Alibaba previously pledged $15.5 billion to the cause, while Tencent pledged $7.7 billion.

Earlier on Monday, a two-paragraph report about the meeting which originally had been carried by state media was subsequently deleted. Instead, a search online revealed a shorter state media statement which had cut out the names of those present.

A later readout of the meeting carried Xi's speech, and mentioned the names of some of those present, but not Ma.

Ma, one of the wealthiest men in the country, gave a speech in Oct 2020 in which he said regulators were too conservative. The government responded by scuttling his plans for Ant Group 's stock market debut. The finance-focused business grew out of Alipay, the popular digital payments system. It then forced Ant Group to restructure, dividing it into multiple independent businesses.

Alibaba was also investigated and fined $2.8 billion for breaching antitrust rules.

—-

AP researcher Yu Bing contributed to this report from Beijing.