Chinese tech stocks have been red hot lately and now they appear to have the support of President Xi Jinping. Xi met with tech leaders Monday in a rare symposium on private businesses. The meeting suggests Beijing’s regulatory crackdown on the sector is a thing of the past—the attendance of Alibaba’s Jack Ma highlights that in particular.

Chinese leader Xi Jinping hosted Alibaba co-founder Jack Ma and the country’s top tech executives in Beijing on Monday, in a meeting that signals officials could be steering the country in a more business-friendly direction after a yearslong regulatory crackdown.

President Xi Jinping held a rare meeting on Monday with some of the biggest names in China's technology sector, such as Alibaba founder Jack Ma, urging them to "show their talent" and be confident in the power of China's model and market.