Javier Pastor
Senior WriterComputer scientist turned tech journalist. I've written about almost everything related to technology, but I specialize in hardware, operating systems and cryptocurrencies. I like writing about tech so much that I do it both for Xataka and Incognitosis, my personal blog.
Alibaba co-founder Jack Ma, often called the “Jeff Bezos of China,” seemed destined for stardom. However, he stumbled while trying to launch Ant Financial, his planned $150 billion fintech. President Xi Jinping crushed the effort and made it clear who was in charge. Ma virtually disappeared from public view but has now appeared alongside Xi and top Chinese tech executives at an event. This development is as surprising as it is significant.
Xi’s meeting with China’s tech leaders. According to Bloomberg, the Chinese president presided over a meeting Monday attended by several entrepreneurs and executives of major Chinese tech companies. Among them was Alibaba’s co-founder, who stepped down as CEO in 2019 and was participating in an event of this level for the first time in years.
The top brass. Huawei founder and CEO Ren Zhengfei, BYD founder and CEO Wang Chuanfu, Tencent CEO Ma Huateng, Xiaomi co-founder and CEO Lei Jun, Meituan co-founder and CEO Wang Xing, and Unitree Robotics CEO Wang Xingxing, among others, attended. Neither Baidu CEO Robin Li nor former ByteDance CEO Zhang Yiming participated. According to The New York Times, during the meeting, Xi urged these entrepreneurs to have the “ambition to serve the country.”
And the richest, too. The 2024 Forbes list of the wealthiest people in China highlights the prominence of the tech and automotive sectors. Many top Chinese business leaders appear on the list (wealth ranking in parentheses):
- Ma Huateng (2)
- Zhang Yiming (3)
- Colin Huang ((4)
- Robin Zeng (5)
- William Ding (7)
- Jack Ma (8)
- Wang Chuanfu (9)
- Lei Jun (10)
These fortunes, however, pale in comparison to the largest global fortunes. For example, the second-largest fortune in China ranks 57th worldwide, while Lei, ranked 10th in China, is 195th globally.
More affection for private companies. The meeting signals a possible shift in the Chinese government’s attitude. While Beijing has allowed major tech companies to operate, it has consistently reinforced its authority.
The rise of AI may be a driving factor. The meeting coincides with rapid advancements in AI models developed by Chinese startups and tech giants. Investor interest in Chinese tech stocks has surged—Tencent, which recently launched DeepSeek R1 on WeChat, set a record for Chinese stock market listings over the past four years.
China got strict with its tech leaders. After Ma’s failed Ant Group bid, other executives took note. The government’s campaign sought greater state control over the economy and reined in China’s billionaires, redirecting resources toward Xi’s priorities, such as national security and technological self-sufficiency.
Closer alignment with Xi’s policies. Since then, Chinese tech firms have aligned more closely with Xi’s philosophy. For example, AI models developed in China require government approval before deployment.
Greater tolerance for private companies. Recently, Beijing has softened its restrictive stance on private firms. Alibaba’s AI model, Qwen, underscores the company’s growing role in the field. Even Apple can now integrate its Apple Intelligence platform into iPhones in China through agreements with Alibaba.
Chinese technocracy. The U.S. has tech magnates who align with President Donald Trump’s policies, such as Tesla CEO Elon Musk, the world’s richest man. Chinese tycoons have been aligned with Xi even longer. The government’s influence over corporate progress is evident, and AI’s rise is likely driving this realignment. With its strategic value clear, Xi appears to be granting private firms more leeway to enhance China’s competitiveness against its chief rival, the U.S.
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