Xi Jinping shakes hands with Jack Ma at symposium attended by prominent China business leaders

China president Xi Jinping and captain of industry Jack Ma met on Feb. 17 and shook hands, an event that has apparently signalled a possible shift in the country's stance towards the tech industry.

Xi said at the symposium meeting that efforts should be made to promote the healthy and high-quality development of the country's private sector.

According to China state media Xinhua, Xi delivered his speech after listening to China business leaders from technology companies, such as Alibaba, BYD, Huawei and more at a symposium for private enterprises held in Beijing.

He also encouraged the companies to "show their talent" and be "confident in China's model and market", reported Reuters.

"Prime time for private enterprises and entrepreneurs"

In the rare meeting involving Chinese political and business leaders, Xi said China's private sector has "broad prospects" and "great potential" in the new era.

"It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities", he said, as quoted by Xinhua.

In order to push for "healthy" and "high-quality" development within the sector, Xi also urged businesses to reach a consensus and firm up confidence.

A similar symposium was previously held in 2018.

The 2025 event was attended by prominent China business leaders, including Huawei founder Ren Zhengfei, BYD's Wang Chuanfu and new artificial intelligence startup DeepSeek's Liang Wenfeng.

Xi and Jack Ma meet in person

At the meeting, Xi also met with online marketplace founder Alibaba's Jack Ma, who was seated in the front row along with other tech giants, such as Tencent's Pony Ma.

Both were pictured greeting each other and shaking hands at the venue.

Jack Ma had previously shun the spotlight after local authorities terminated his fintech company Ant Group's initial public offering (IPO) in 2020, according to Reuters.

The scene stirred reactions and is also seen as Jack Ma's "rehabilitation" after the ordeal.

China leaders concerned about slow growth, aim to support businesses: Analysts

Analysts said the symposium aims to boost sentiment and let businesses know that they are supported by the government, reported Reuters.

It also demonstrated that Chinese policymakers are concerned about slow growth within the country's technological development, noting efforts by the United States to limit it by means, such as imposed tariffs.

As such, Xi's move marks the importance of private-sector innovation for China especially in the tech field.

Beijing's Tsinghua University finance professor Zhang Xiaoyan said the symposium was meant to reiterate the importance of China's private sector and to "inject confidence".

Other analysts also noted that China leaders have had a shift in mindset, recognising that China-based tech companies have contributed significantly to the country's economic growth.

Top photos via CGTN/YouTube & CCTV