Xi's meeting with tech moguls hints at policy shift in China

Chinese President Xi Jinping took part in a symposium with leading entrepreneurs, which, according to "CNBC," points to renewed support for the private sector. This meeting could be pivotal for China's economic revival, as the country grapples with low consumption and challenges in the real estate sector.

Peiqian Liu, an economist at Fidelity International, highlighted that the meeting sends a "very clear signal of support" for entrepreneurs.

This development could boost optimism and growth in China, particularly if policymakers decide to support the tech sector's development. The meeting might signify the end of existing regulatory restrictions since 2020.

According to "CNBC," Jack Ma, the founder of Alibaba, was part of the meeting, suggesting that Beijing might be softening its approach to large tech companies. The event's attendees also included billionaire and CEO of Xiaomi Corp. Lei Jun, Wang Xing of Meituan, Wang Xingxing of the robotics company Unitree, and Huawei Technologies Co.'s founder Ren Zhengfei, as reported by Bloomberg.

Andy Maynard from China Renaissance noted that this could be a symbolic turning point for the Chinese tech sector after years of intense scrutiny.