China's business innovators say will resist external pressure after meeting with Xi

Reuters
02-19
China's business innovators say will resist external pressure after meeting with Xi

Xiaomi, BYD say will promote Chinese products abroad

Chinese shares rose after Xi's meeting with private sector

Xi urged private sector to have confidence

By Che Pan and Brenda Goh

BEIJING/SHANGHAI, Feb 19 (Reuters) - Some of China's prominent business leaders, including the heads of carmakers BYD 002594.SZ and Xiaomi 1810.HK, said they would resist external pressure and keep innovating, following a rare meeting between President Xi Jinping and the private sector.

Xi on Monday met dozens of founders and heads of some of China's largest companies and promising start-ups to encourage private firms to invest more as the Chinese economy slows and geopolitical frictions, especially with the United States, grow.

China shares rose on Wednesday, as investment banks said the meeting had improved the argument for buying Chinese stocks, particularly tech shares.

Analysts said the list of companies invited, especially those asked to sit in the front row and address Xi, such as Chinese tech giant Huawei and Chinese electric car maker BYD, are the ones he considers crucial to China's technological and supply-chain security.

Public discussion of the meeting has been highly controlled, with state media only releasing Xi's remarks and not details of what the founders said.

Some of the founders, including Lei Jun of Xiaomi, the world's third-largest smartphone maker that ventured into making cars last year, and BYD's Wang Chuanfu, however, said on state media they were encouraged by Xi's comments.

"Chinese enterprises actually form an ecosystem, and we become more united when we face external pressure. We have the global market in mind, and we want to increase the influence of Chinese products abroad," Lei told Yuyuan Tantian, a social media account affiliated with Chinese state broadcaster CCTV, according to video it published late on Tuesday.

Wang, whose company has been hit by European tariffs on China-made cars and faces efforts from the U.S. to block it from selling its products there, said that China's electric car industry was 3-5 years ahead of rivals and that quality products would succeed on their own merit despite protectionist measures.

"Today, our country is moving from being a big market for cars to becoming a strong auto producer. We will continue to do real business and the industry will serve the country," Xinhua quoted him as saying.

Wang Xingxing, founder of Unitree, a robot maker that has been compared to Boston Dyamics, credited the company's achievements to China's resilient supply chain and said it expected the artificial intelligence humanoid industry to reach a "new level" by the end of this year.

(Reporting by Che Pan and Brenda Goh; editing by Barbara Lewis)

((Che.Pan@thomsonreuters.com;))

免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

熱議股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10