Xi Jinping meeting underlines China’s economic growth priority, with message ‘clearer than ever’, analysts say

President Xi Jinping met with business leaders from state-owned firms and private entrepreneurs, as well as overseas investors and economists, on Thursday in Jinan

Analysts pointed to the timing of the meeting ahead of the key third plenum as being at a ‘key juncture of economic development and reforms’

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President Xi Jinping communicates with representatives from businesses and academia attending a symposium in Jinan. Photo: Xinhua

Published: 6:15pm, 24 May 2024Updated: 2:17pm, 28 May 2024

President Xi Jinping’s high-profile meeting with business leaders – the first of its kind in almost four years – was carefully arranged to solicit opinions, but more importantly, to offer assurance and whip up positivity with the Chinese economy at a crucial juncture ahead of a landmark conclave of key leaders in July, analysts said.

In the first of such face-to-face meetings since 2020, Xi sat down with entrepreneurs that represented a broad swathe of companies in Jinan, the capital of the eastern Shandong province, on Thursday, where the president struck a strong pro-business and pro-growth tone to reassure the business leaders and urge deepened reforms.

“Now the signal to the business community at home and abroad is clearer than ever: economic growth is a top priority and Beijing will recommit to reforms … Beijing is also saying ‘I’m all ears’ – to hear what the business sector will have to say,” said Zhu Tian, professor of economics at the China Europe International Business School in Shanghai.

“Specific topics discussed will likely be the reform focus of the upcoming third plenum in July.”

Other observers also compared this week’s meeting to Xi’s previous interactions with entrepreneurs, as well as the changing economic environment.

“There seems to be a pattern that at each key juncture of economic development and reforms, Xi will meet business leaders,” said a Beijing-based observer who spoke on the condition of anonymity due to the sensitivity of the issue.