Xi also “urged entrepreneurs to focus on high-quality development, invest in their main businesses, strengthen their capacities for innovation, and increase their core competitiveness.” China’s tech companies seem to have already got the message.

Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, beating analyst expectations as it capitalizes on the artificial intelligence boom in China. Alibaba said Thursday that its revenue for the quarter ended December grew 8% to 280.