Xi’s Warning to China’s Business Leaders—They Must Serve the State

The Chinese Private Sector Just Got Its Marching Orders

China’s top business leaders—Jack Ma, Huawei’s Ren Zhengfei, and executives from Tencent, BYD, and more—were summoned to Beijing. The message from Xi Jinping? China’s private sector doesn’t exist to profit—it exists to serve the state.

Jack Ma’s return is making headlines, but the real story is what was said behind closed doors. Who was there, who wasn’t, and why did Baidu’s stock tank after the meeting?

Is this a new era of stability for China’s economy, or a stark reminder that in Xi’s China, private business is only as independent as Beijing allows?

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