Chinese President Xi Jinping met with key technology leaders, including Jack Ma of Alibaba and Ren Zhengfei of Huawei on Feb. 17.

This marks Beijing’s first significant step to support the private sector after years of regulatory scrutiny.

The meeting follows a period of strict oversight on China’s tech sector that began in 2020, impacting companies like Alibaba, Tencent, and Didi Global.

The government had taken actions such as halting Ant Group’s IPO and imposing antitrust fines.

However, in recent months, it has scaled back investigations and introduced measures to promote growth in AI and semiconductors.

While companies like Alibaba and Tencent are recovering, their market valuations remain below pre-2020 levels, reflecting the lasting impact of the regulatory crackdown.