The meeting of Chinese president XI Jinping with entrepreneurs last month gave confidence in companies to make investments, president of Alibaba The Joe Tsai group said that at CNBC converges live in Singapore on Wednesday.
“People underestimate the importance of this meeting,” he said. “What this meeting has done to the entire Entrepreneurs sector, or … The private business sector is that it has given private affairs to trust in their business.”
Last month, XI organized a closed -door symposium with some of the country’s most eminent business leaders, including the founder of Alibaba, Jack Ma, in a rare demonstration of long -term sector support.
Beijing has urged entrepreneurs to “show their talents” and maintain their competitive spirit, in a decision considered as a change of position following the multi -year effort to reign in some of the largest technological companies in the country in relation to overly large and powerful growth concerns.
The attendance of the founder of Alibaba, Jack Ma, at the meeting, chaired by Xi, was considered a very symbolic.
The frank businessman remained mainly outside the public’s eyes since the Chinese authorities scuttled a first initial public offer of the Asibaba group Affiliated Ant in late 2020, after his public criticisms of the regulatory system of the enraged country Beijing.
Food for confidence
The summit last month indicated a softer position on the part of the companies on which it bets to fuel its failing economy, while slow domestic demand has resulted in growth.
When he was asked to comment on the state of domestic consumption of China, Tsai said that consumers “stood on the sidelines while waiting to pass” with a very, very strong “household assessment. “What will lead them to spend them: confidence and feeling,” he said.
“The combination of private companies and the excitement with regard to the development of technology will result in the confidence of consumers,” said Tsai on Wednesday.
“Companies make investments … making job decisions [and] In fact, hiring people again, “he added.” Companies develop again and, ultimately, which take place thanks to consumer confidence. “”
The technological mastodon was ambitious in its AI strategy, announcing last month A plan to invest $ 52 billion In Cloud Computing and IA infrastructure over the next three years. Alibaba says that his Qwen AI has successfully completed official reference tests and demonstrates the growing influence of the company in the field.
Last Thursday, the technology giant revealed QWQ-32B, its latest IA reasoning model, which claimed “a rival cutting-off model, for example, Deepseek-R1”.
The XI meeting “gave us the confidence necessary to put our income in the CAPEX and investments, also hiring people,” said Tsai.
