People 'underestimate' the importance of Chinese President Xi's entrepreneur meeting: Alibaba's Tsai

Chinese President Xi Jinping's meeting with entrepreneurs last month gave businesses confidence to make investments, Chairman of Alibaba Group Joe Tsai said at CNBC's CONVERGE LIVE in Singapore on Wednesday.

"People underestimate the importance of that meeting," he said. "What that meeting did to the entire entrepreneur sector, or ... the private business sector, is it gave private business people confidence to make investments in their business."

Last month, Xi held a closed-door symposium with some of the country's most prominent business leaders, including Alibaba founder Jack Ma, in a rare show of support for the sector.

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