China's Xi holds rare meet with business leaders

BEIJING: President Xi Jinping held a rare meeting on Monday with some of the biggest names in China's technology sector, urging them to 'show their talent' and be confident in the power of China's model and market. Xi's move to gather business leaders, including those behind breakout successes despite US pressure in recent months, underscores the importance of private-sector innovation for China to gain ground in technology, they said. 'It's a tacit acknowledgement that the Chinese government needs private-sector firms for its tech rivalry with the United States,' said Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong.

Xi's remarks stressed continuity in China's economic development strategy. But he also said its private business had 'broad prospects and great promise' to create wealth and opportunity. China's governance and the scale of its market give it an inherent advantage in developing new industries, Xi said. 'It is the right time for the majority of private business and entrepreneurs to show their talent,' he was quoted as saying in remarks state media called an 'important speech'. — Reuters