INDUSTRY BRIEF: President Xi to host private sector symposium: report

Some of China’s top technology leaders are set to attend a symposium next week chaired by President Xi Jinping, Reuters reported, providing a potential confidence boost for the country’s private sector. Top tech executives likely to attend the event, which could happen on Monday, include Alibaba co-founder Jack Ma, Tencent Chairman Pony Ma and Lei Jun, co-founder and CEO of smartphone maker Xiaomi, according to the report, citing unnamed sources.

The symposium aims to boost sentiment among executives in China’s private sector, and Xi is expected to encourage participants to expand their businesses both domestically and internationally, according to the report.

China has engaged in a series of crackdowns in recent years against many industries dominated by private companies, leading many to feel that Xi favors state-run firms over private ones. The number of crackdowns has dropped off in the last two years as the government turns its focus to supporting the nation’s slowing economy, though anti-corruption campaigns continue in some areas like the pharmaceutical industry.

By Doug Young

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