China's leader Xi Jinping recently supported the private sector during a symposium with entrepreneurs, raising optimism about economic recovery after years of difficulties. The Hong Kong stock market surged to a three-year high, fueled by breakthroughs from start-up DeepSeek in artificial intelligence and the success of a local animated film. However, there's skepticism about the sustainability of this newfound economic confidence and what it truly means for China's approach to the private sector. Commentary reflects a mix of historical comparisons and uncertainty about future policies.
Mr. Xi signaled that he stood behind the private sector at the meeting on Monday, pushing the Hong Kong stock market to its highest point in three years.
Interpretations of the meeting varied widely. Is China, one social media commenter asked, now like Shanghai in 1949, after which the private sector was nationalized?
For China, it all provided a respite from two years of malaise chronic economic problems and challenging geopolitics.
No one knows, was the response from another commenter, who added that many of the senior leaders in attendance probably didn't know, either.
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