Written by Chi Ban and Brenda Goh
BEIJING/Shanghai (Reuters) – Some prominent business leaders in China, including the heads of BYD and Xiaomi car makers, said they would resist external pressure and continue to innovate, following a rare meeting between President Xi Jinping and the private sector.
On Monday, Shi met dozens of founders and heads of some of the largest companies in China and promising startups to encourage private companies to invest more while slowing the Chinese economy and geopolitical frictions, especially with the United States.
China’s shares rose on Wednesday, when investment banks said the meeting had improved the argument for buying Chinese shares, especially technology shares.
Analysts said that the list of invited companies, especially those who are asking them to sit in the front row and the eleventh discourse, such as the Chinese technology giant Huawei and the Chinese electric car maker BYD, is what he considers decisive to technology security and the supply chain in China.
The general discussion of the meeting was very controlled, as government media only launch notes, and not the details of what the founders said.
Some of the founders, including Lei Jun of Xiaomi, the third largest smartphone manufacturing company in the world that ventured in making cars last year, however, said Wang Chuanfu from BYD, on government media, was encouraged through Xi’s comments.
“Chinese companies actually constitute an environmental system, and we become more challenging when we face external pressure. We have the global market in mind, and we want to increase the impact of Chinese products abroad,” said Li -Tantian. With the Chinese state broadcaster CCTV, according to the video, was published late on Tuesday.
Wang, whose company was infected with European definitions on Chinese cars and faces efforts from the United States to prevent them from selling their products there, said that the electric car industry in China was 3-5 years before competitors and that quality products will succeed in their own merit despite protectionism. .
“Today, our country is moving from being a large car market to become a strong car product. We will continue to do real business and the industry will serve the country,” Xinhua quoted as saying.
Wang Xingxing, founder of Unitree, the robot maker that was compared to Boston Dyamics, attributes the company’s achievements for the flexible supply chain in China and said it expects the human artificial intelligence industry to reach a “new level” by the end of this year.
(Participated in the reports of Chi Ban and Brenda Goh; Al -Tahrir by Barbara Lewis)