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The Chinese government is sending a strong signal of a change in its approach to the private sector. President Xi Jinping's meeting with the most influential tech tycoons, including Alibaba founder Jack Ma, indicates an effort to restore business confidence and encourage innovation. After more than three years of regulatory crackdowns that have slowed the growth of private firms and discouraged investors, Beijing seems to be realising the key role of the private sector for the country's economy. With private enterprises accounting for more than 60% of China's GDP and employing over 80% of the workforce, supporting them can be crucial to restarting growth.... Show More
