Xi Jinping rarely chairs a private-sector conference, according to media reports, so the event underscores the myriad challenges China faces, from escalating tensions with the United States to reviving domestic economic growth.

Many of the businessmen attending the conference will be from the technology sector, with sources saying Xi will urge them to expand their businesses at home and abroad amid the increasingly fierce US-China tech war.

The conference is likely to be held on February 17.

Xinhua
Chinese President Xi Jinping chairs a symposium on private enterprises at the Great Hall of the People in Beijing, November 1, 2018. Photo: Xinhua

Some of the figures who may appear include Pony Ma, CEO of Tencent; Lei Jun, CEO of Xiaomi; Wang Xingxing, founder of robotics company Yushu Technology; a Huawei executive.

Mr Xi first hosted a high-level private sector symposium in late 2018. At the time, he pledged support for private businesses, promising tax cuts and a level playing field, while reassuring them that financial support would be forthcoming.

At the meeting, he affirmed: “Over the past 40 years, the private sector of the economy has become an indispensable driving force behind China's development… The contributions of the private sector are undeniable to the country's miraculous achievements in economic development."

“All private companies and private entrepreneurs should feel completely secure and devote themselves to seeking development,” he reassured.

Jack Ma’s presence at the upcoming event could boost the confidence of entrepreneurs. The Alibaba founder has largely withdrawn from public view since the IPO of his fintech company Ant was suspended by regulators in 2020. Ma’s business empire, along with the broader tech industry, has been the target of a major crackdown.

In recent years, Mr. Xi has emphasized that China needs to achieve “common prosperity,” and that private companies should share the fruits equally with employees.