BANGKOK, Thailand: China's President Xi Jinping met with private sector leaders this week and assured them that the government's policies toward private businesses would remain stable, state media reported.

The meeting, which included Alibaba founder Jack Ma, comes as Beijing works to restore confidence in an economy affected by the pandemic, regulatory crackdowns, and a real estate crisis.

Xi emphasized that the Communist Party's approach to the private sector is deeply rooted in China's governance system. "They cannot and will not change," he stated, according to state broadcaster CCTV.

At the same time, he warned that while the government would protect the legal rights of private enterprises, illegal activities would not go unpunished. "Our country is a socialist country ruled by law, and any type of illegal activities by enterprises cannot avoid investigation and punishment," he said.

The meeting follows a crackdown on the tech industry that began in 2020, targeting monopolistic practices and tightening data regulations. Alibaba, once a symbol of China's booming private sector, was at the center of the crackdown. In 2020, Ma publicly criticized China's financial regulators, leading to the abrupt cancellation of Ant Group's stock market debut and subsequent government-mandated restructuring. Alibaba was later fined $2.8 billion for breaching antitrust rules.

Other prominent business figures at the meeting included Zeng Yuqun, chairman of battery giant CATL; Wang Chuanfu, chairman of electric vehicle manufacturer BYD; and Pony Ma, CEO of Tencent, which owns WeChat.

Xi urged private businesses to continue contributing to "common prosperity," a government initiative to reduce income inequality. Companies such as Alibaba and Tencent have already pledged billions to the effort.

State media coverage of the meeting initially included a report naming the attendees, but it was later revised, with Ma's name removed from some reports. However, a later official readout confirmed his presence.

Ma, who was once China's richest man, has remained largely out of the public eye since the tech crackdown. His brief appearance at the meeting signals a possible effort by Beijing to reassure investors and entrepreneurs amid ongoing economic challenges.