Chinese Billionaires Throw Weight Behind Private Sector Push

Billionaire Tencent co-founder Pony Ma has penned a lengthy op-ed backing Chinese pledges to resuscitate the private sector, becoming the most prominent entrepreneur to endorse Beijing's promises to unshackle a giant swath of the economy. From a report: China's third-wealthiest person echoed many of the sentiments in an official policy document published Wednesday that called for the revival of private businesses, at a time the world's No. 2 economy is struggling to gain momentum. He was joined by Xiaomi co-founder Lei Jun, the smartphone mogul turned EV entrepreneur, who in a separate editorial likened the policies to a manifesto for quality growth and innovation. Ma, who rarely voices his opinions but has publicly supported important policies in the past, penned an article for state-owned CCTV in which he called private enterprise pivotal to the nation, and explicitly referenced Chinese President Xi Jinping's previous proclamations on the matter. He talked about the advent of AI and how the country needed to embrace next-generation technology. Ma's comments are notable given Tencent was among the corporations targeted by a sweeping crackdown on the private sector that began in 2020 with the scrapping of Ant Group's IPO. "We must once again embrace the opportunities presented by the coming industrial revolution," Ma wrote in his op-ed carried on CCTV's website. Using the policies as a guide, "we will look ahead with confidence and redouble our efforts."

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