Who are the tech giants attending symposium with President Xi?

A symposium to boost the development of China's private sector was held in Beijing on Monday, with Chinese President Xi Jinping meeting with dozens of entrepreneurs from prominent private businesses.

Six business representatives, mainly from the tech sector, spoke on the development of the private sector under the current situation. The speakers include telecom giant Huawei's Ren Zhengfei, electric car maker BYD's Wang Chuanfu, animal feed maker New Hope's Liu Yonghao, Will Semiconductor's Yu Renrong, Unitree Robotics' Wang Xingxing, and smartphone maker Xiaomi's Lei Jun.

The China Media Group (CMG) video footage also showed some familiar faces attending the meeting, such as Pony Ma of gaming and social media giant Tencent, Jack Ma of e-commerce giant Alibaba, and Liang Wenfeng of the latest rising AI star DeepSeek.

Experts said the symposium sends positive signals towards the development of private enterprises in China, emphasizing that private enterprises have become an important force in China's technological development.

The private sector contributed 48.6 percent of foreign trade, 56.5 percent of fixed-asset investment, 59.6 percent of tax revenue, over 60 percent of GDP, over 70 percent of technological innovations and more than 80 percent of urban employment.

The Big Tech Guys

Here is a brief profile of the major tech industry figures who attended the meeting and a note on how their companies are driving China's tech innovation and making significant contributions to the country's economy.

Ren Zhengfei, founder and CEO of Huawei Technologies, attended the symposium. Huawei is a global leader in telecommunications, consumer electronics, and IT services. The company has been at the forefront of the 5G technology revolution and continues to innovate in AI, cloud computing, and enterprise networking despite geopolitical challenges.

Wang Chuanfu, chairman and CEO of BYD, attended the event. BYD is a global leader in electric vehicles (EVs) and renewable energy solutions. The company has made notable advancements in battery technology and EV infrastructure, playing a key role in China's green energy transition, with expanding global partnerships.

Will Semiconductor's founder and chairman, Yu Renrong, also attended the symposium. The company specializes in the research, development, and production of integrated circuits, particularly in power semiconductor solutions. Founded in 2008, the company has quickly established itself as a key player in the global semiconductor industry, offering products for a wide range of applications, including consumer electronics, automotive, and industrial sectors. The company's commitment to technological advancement and strategic partnerships has helped it gain recognition as a vital contributor to China's growing semiconductor sector.

Wang Xingxing, founder and CEO of Unitree Robotics, was also present. The company gained attention this year during the CMG Spring Festival Gala, where its AI-powered robots, equipped with advanced speech recognition and emotional AI, performed live. Unitree Robotics is a leader in AI, big data, and Internet of Things (IoT) solutions, focusing on smart cities, security, and healthcare.

Lei Jun, founder and CEO of Xiaomi, also participated. Founded in 2010, Xiaomi is a top smartphone manufacturer and leader in the IoT market. The company's broad ecosystem of connected devices has contributed significantly to the smart home industry, and it holds the third position globally in the smartphone market.

Jack Ma, founder of Alibaba Group, was present. Alibaba is one of the world's largest e-commerce and technology conglomerates, with operations spanning e-commerce (Taobao, Tmall), cloud computing (Alibaba Cloud), and digital payments (Alipay). Recently, Alibaba's advancements in cloud computing and AI have expanded its global influence, contributing significantly to China's digital economy.

Alibaba Chairman Joe Tsai said on February 13 that the company will partner with Apple on AI for iPhones sold in the Chinese market, sending the Hong Kong-listed shares of the Chinese tech giant soaring over 9 percent to a three-year high.

Pony Ma, founder and CEO of Tencent, was also at the event. Founded in 1998, Tencent is one of China's largest technology companies, known for its dominance in social media, gaming, and digital services. Tencent's flagship product, WeChat, has over a billion users, and the company is a global leader in gaming with titles like Honor of Kings and PUBG Mobile.

Deepseek, represented by its founder, Liang Wenfeng, is an innovative Chinese company specializing in AI-driven data analysis and search technologies. The company recently launched its DeepSeek-1, a large language model (LLM) that has garnered global attention for its advanced capabilities in natural language processing and predictive analytics, solidifying its position as a prominent player in the AI landscape.

What signals did the symposium send?

Li Yong, chief researcher at the D&C think tank, told CGTN that the selection of private tech companies for the symposium reflects their comprehensive development across sectors, highlighting the support for their innovation capabilities through China's policies and environment.

"China's technological progress and development stem from socialism with Chinese characteristics, with a key focus on the promotion and cultivation of private enterprises," he said.

Li emphasized that one important message from the symposium is the rejection of erroneous views, such as the "exit theory," which suggests that the private economy should gradually retreat or diminish its role in economic development.

"Another key signal is the reaffirmation that the status, supportive policies, and development environment for the private economy will remain unchanged," Li added.

He concluded that the technological achievements of Chinese private enterprises are a testament to the vitality of China's economy.

According to the resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization adopted at the third plenary session of the 20th Central Committee of the Communist Party of China on July 18, 2024, China will establish a mechanism for ensuring funding increases for industries of the future, improve the policy and governance systems for promoting the development of strategic industries such as next-generation information technology, AI, aviation and aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology, and steer emerging industries toward sound and orderly development.

These fields are not only crucial for the country's economic transformation but also vital for maintaining its competitive edge globally. AI is central to China's tech ambitions, supported by policies like the "Next-Generation AI Development Plan." China is also a global leader in new energy, with companies such as BYD driving the EV market to meet the country's 2030 and 2060 carbon goals. In consumer electronics and IoT, China excels with firms like Xiaomi, which combine innovative R&D with scalable production.