What did China’s leading tech executives discuss in meeting with President Xi Jinping?

On Feb. 17 Xi met with top private business executives, including founders and CEOs of China’s leading tech firms, in Beijing. On Feb. 21 the People’s Daily published a summary of tech leaders' remarks for the first time after the meeting.

Huawei founder Ren Zhengfei said: "Concerns that China lacks a ‘soul and core’ have subsided. I firmly believe a greater China will rise faster." The phrase "soul and core," coined in 1999 by a former Chinese technology minister, refers to semiconductors as the "core" and operating systems as the "soul."

Huawei has been a key player in China’s push for self-reliance, overcoming U.S. sanctions to produce advanced chips and operating systems.

BYD CEO Wang Chuanfu noted that China’s electric vehicle industry began from scratch but has "achieved remarkable results."

Xiaomi CEO Lei Jun expressed confidence, saying "There is nothing that cannot be overcome" while noting his company’s sales rebounded over 30% after two years of decline.

Yu Renrong, head of chip manufacturer Will Semiconductor, spoke about the increasing indigenization of China’s supply chain, fueling momentum in the tech sector.

Wang Xingxing, CEO of Unitree Robotics, the youngest leader at the meeting, stressed his dedication to innovation, saying "Both our company and I were born and raised in China." Xi praised Wang and emphasized that the country’s innovation drive requires contributions from younger generations.

This was the largest gathering of entrepreneurs led by Xi since November 2018. The meeting took place amid an economic slowdown in China and escalating trade tensions with the U.S.

According to Reuters, Xi aimed to understand private enterprises’ concerns and urged them to expand their operations domestically and internationally as U.S.-China tech tensions escalate. The meeting coincided with the rising popularity of Chinese AI application DeepSeek, prompting increased investor interest in domestic tech. Although DeepSeek’s founder Liang Wenfeng attended, he was not among the speakers.

Xi has long emphasized the need for self-sufficiency in semiconductor technology and AI to boost economic growth, but efforts have been hampered by U.S. export blockades.

Trade tensions have further escalated, with the Trump administration imposing a 10% tariff on Chinese goods this month, and China hitting back with a 15% tariff on certain U.S. products, sparking fears of a full-scale trade war between the world’s two largest economies.