Alibaba Group Chairman Joe Tsai said on Tuesday there were clear signs China's business entrepreneurs were more confident following a meeting with President Xi Jinping and that his company would re-commence hiring.

"I think we have seen a very clear sign of businesses entrepreneurs becoming more confident since January, since President Xi met with private businesses," Tsai told HSBC'S Global Investment Summit in Hong Kong.

"And that was a very, very clear signal to the business community that, go ahead, reinvest in your business and also go out and hire people."

"So I think we've reached the bottom, and we're going to start to reboot and rehire so once you hire people, that gives people job security," he added.