The uncertain reaction to Xi Jinping’s display of warmth made sense: Executives are eager for a reset after years in the cold but ever wary of meddling.

When Xi Jinping, China’s leader, made his entrance at a symposium with a group of top entrepreneurs this week, he seemed to be in good spirits.

China has had a few good weeks. The artificial intelligence models by the start-up DeepSeek sent U.S. stocks tumbling and Western commentators screaming, “Sputnik moment.” Then an animated film based on Chinese mythology raked in nearly $2 billion. 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.

For China, it all provided a respite from two years of malaise — chronic economic problems and challenging geopolitics.

What remained unclear is how much of a lasting boost China’s economy could get from the

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