Xi promised to abolish unreasonable fines against private firms and urged entrepreneurs to maintain their competitive spirit. The show of support is seen adding fuel to this year’s world-beating stock rally in Chinese stocks, which has largely been driven by optimism over DeepSeek’s artificial intelligence capabilities. Alibaba’s Jack Ma and DeepSeek founder Liang Wenfeng were among the attendees at the meeting.
Chinese stocks in Hong Kong gained after a meeting between President Xi Jinping and prominent entrepreneurs signalled Beijing’s endorsement of the private sector.
The Hang Seng China Enterprises Index rose as much as 2%, with technology stocks including Alibaba Group Holding Ltd. and Xiaomi Corp. contributing the most to the advance. The gauge has now gained more than 23% since a low in January. The CSI 300 Index, an onshore benchmark, also edged higher.
