Bangkok. Chinese President Xi Jinping assured private sector business leaders on Monday that government policies toward the private sector would remain unchanged, as efforts to revive an economy hindered by the pandemic, regulatory crackdowns, and a real estate crisis continue. Xi also expressed hope that private businesses would "get rich first, and then promote common prosperity."

The meeting included Alibaba founder Jack Ma, who had been central to the Chinese government's recent crackdown on the tech industry.

Xi told the audience that the Communist Party and the government's approach towards the private sector has been incorporated into “the socialist system with Chinese characteristics," which is how the party describes its governance, according to state broadcaster CCTV. “They cannot and will not change,” said Xi.

However, Xi also reminded business leaders that any illegal activities by enterprises would face investigation and punishment. These remarks come after the government launched a crackdown on the tech sector in 2020, aiming to break up monopolies and implement strict data regulations.

Jack Ma, once China’s richest man, has kept a low profile following his criticism of China's regulatory systems in 2020. Ma’s comments prompted the government to halt his company's IPO plans and restructure his Ant Group, leading to a $2.8 billion fine for Alibaba.

Other business leaders present at the meeting included Zeng Yuqun, chairman of battery developer CATL; Wang Chuanfu, chairman of electric car manufacturer BYD; and Pony Ma, CEO of Tencent, which owns WeChat.

Xi said he hoped private businesses will continue to “get rich first, and then promote common prosperity,” a reference to a program to encourage development and close the wealth gap. Alibaba previously pledged $15.5 billion to the cause, while Tencent pledged $7.7 billion.

In a notable development, a two-paragraph report on the meeting, initially shared by state media, was deleted and replaced by a shorter statement that omitted the names of attendees, including Jack Ma. However, a later report from state media included Xi's speech and referenced some of the business leaders present, but not Ma.

Xi’s remarks come amid ongoing challenges facing the tech sector and Alibaba’s role within it, especially after the government’s intervention in its corporate practices.

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