Chinese Business Leaders Reaffirm Commitment to Innovation Amid Geopolitical Tensions

At a rare gathering, President Xi Jinping met with numerous founders and top executives from major Chinese companies and start-ups to spur additional investment from the private sector. This move comes in the context of a slowing Chinese economy and growing geopolitical frictions, most notably with the United States. Although details discussed during the meeting were tightly controlled by state media, Xi’s remarks were widely publicized, while the responses of the business leaders were shared selectively.

Several influential figures, including Lei Jun of Xiaomi and Wang Chuanfu of BYD, voiced support for Xi's call to bolster domestic innovation and consolidate China’s economic ecosystem. Lei Jun emphasized that facing external pressure had only strengthened the unity among Chinese enterprises, urging greater global market participation and enhanced influence of Chinese products. Wang Chuanfu highlighted that, despite challenges such as European tariffs and U.S. protectionist measures, his company was poised to succeed due to superior technological advancement and a resilient supply chain.

In addition, Wang Xingxing, founder of the robotics company Unitree, credited the robust Chinese supply chain for the company’s achievements. He was optimistic about the rapid advancement of artificial intelligence and the humanoid robotics industry, forecasting significant progress by the end of the year. The overall message from the meeting was a reaffirmation of China’s determination to lead in technology and maintain strong industrial capabilities in the face of external challenges.