One of the most significant developments in Beijing concerning its economy has been President Xi Jinping’s meeting with the heads of China Inc. in February 2025. While there is regular communication between the political executive or the legislative wing of the Party-state, and the doyen of industry in China, the timing of this interaction is noteworthy. The conclave assumes importance in light of the slowing economy, the escalating technology curbs instituted by Washington, and the tariff shocks of Donald Trump 2.0. In the past, such sittings have taken place at crucial junctures— in July 2020 in the wake of the COVID-19 pandemic, and previously in November 2018 at the height of the US-China trade war. It also signals Xi closing ranks with the captains of industry, some of whom like Alibaba’s Ma Yun (Jack Ma) have been a target of his regulatory campaigns. Regulators abruptly stopped the initial public offering (IPO) of Ant—the financial and lending arm of the Alibaba Group—in 2020. An anti-monopoly investigation followed suit against the group, resulting in regulators imposing a penalty of US$ 2.8 billion in April 2021. Ma later relinquished control over the Alibaba group in 2023.
Xi’s meeting with China Inc: Economic revival amidst US trade barriers
