Xi’s Tech Summit: China’s Wake-Up Call

On Monday, February 17, Xi Jinping sat down with China’s tech elite in what looked like a serious course correction. Jack Ma (Alibaba) was there. So was Ren Zhengfei (Huawei). But one key figure was missing: Robin Li, Baidu’s CEO. His absence sent Baidu’s stock into a tailspin, wiping out billions in market value before state media scrambled to calm investors down.

It was a telling moment. The mere suggestion of a tech leader being on the outs with Beijing still spooks markets, a lingering effect of the brutal crackdowns on China’s private sector over the last few years. Investors still don’t fully believe the crackdown is over—and for good reason.

But this meeting was different. Xi wasn’t there to tighten the leash—he was extending an olive branch. China has spent years treating its most successful tech firms like threats to state power. Now, with the Trump administration flipping the global tech script, Beijing is realizing it can’t afford to keep kneecapping its own industry.