Chinese President Xi Jinping hosted a symposium in Beijing on Monday, bringing together leading entrepreneurs from the nation’s top private tech companies to discuss the future of China’s private sector.
Among the attendees were Ren Zhengfei, founder and CEO of Huawei Technologies; Wang Chuanfu, chairman and CEO of electric vehicle giant BYD; Lei Jun, founder and CEO of smartphone maker Xiaomi; Yu Renrong, founder and chairman of Will Semiconductor; Wang Xingxing, founder and CEO of Unitree Robotics; and Liu Yonghao of animal feed producer New Hope. Six business representatives shared their insights on the development of the private sector in the current economic climate.
The event also saw the presence of other notable figures like Pony Ma of Tencent, Jack Ma of Alibaba Group, and Liang Wenfeng of the rising AI company DeepSeek.
Leading the Tech Revolution
Ren Zhengfei of Huawei has been at the forefront of global telecommunications, pioneering advancements in 5G technology, AI, and cloud computing despite international challenges.
Wang Chuanfu of BYD has positioned the company as a global leader in electric vehicles and renewable energy solutions, significantly contributing to China’s green energy transition.
Lei Jun of Xiaomi has expanded the company’s reach in consumer electronics and the Internet of Things (IoT), making it a key player in the global smartphone market and smart home industry.
Yu Renrong of Will Semiconductor has quickly established his company as a vital contributor to China’s semiconductor sector, focusing on integrated circuits for a wide range of applications.
Wang Xingxing of Unitree Robotics has gained attention for AI-powered robots equipped with advanced speech recognition and emotional AI, showcasing innovations at major events like the CMG Spring Festival Gala.
Jack Ma of Alibaba and Pony Ma of Tencent continue to lead companies that dominate e-commerce, cloud computing, social media, and gaming, significantly impacting China’s digital economy.
Signals of Support and Innovation
Experts believe the symposium sends positive signals about the development of private enterprises in China. Li Yong, chief researcher at the D&C think tank, said the gathering reflects the comprehensive progress of private tech companies across various sectors and emphasizes the support for their innovation capabilities through China’s policies and environment.
“China’s technological progress stems from its unique development model, with a key focus on promoting and cultivating private enterprises,” Li stated. “The symposium reaffirms that the status, supportive policies, and development environment for the private economy will remain strong.”
The private sector in China contributes over 60% of GDP, more than 70% of technological innovation, and over 80% of urban employment, highlighting its crucial role in the nation’s economy.
Investing in the Future
According to recent resolutions by the Central Committee of the Communist Party of China, the country aims to establish mechanisms to ensure increased funding for future industries. This includes improving policies for strategic sectors such as next-generation information technology, AI, aviation and aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology.
These fields are essential for China’s economic transformation and maintaining its competitive edge globally. Companies like those represented at the symposium are at the forefront of these industries, driving innovation and contributing to the country’s ambitions.
