President Xi Jinping met some of China’s most prominent tycoons, sending what analysts say is the strongest signal of support in years to companies like web giants Alibaba and Tencent.

The meeting sends a “very clear signal of top-level support” to the private sector entrepreneurs, Peiqian Liu, Asia economist at Fidelity International told CNBC.

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.