BABA - China's Premier vows more support to companies to bolster economy- report
2023-07-12 08:33:54 ET
China's Premier Li Qiang met with executives from internet companies including Alibaba ( NYSE: BABA ) and JD.com ( NASDAQ: JD ), urging local governments to provide more help, signalling that Chinese government is ending its crackdown on the industry amid a slowing economy.
Representatives from food delivery services company Meituan ( OTCPK:MPNGY ) ( OTCPK:MPNGF ) and social media and e-commerce platform Xiaohongshu Technology also attended the meeting and made speeches, CCTV reported.
The Chinese Premier called for local governments to create a fair environment, improve investment access for companies, and also reduce the cost of compliance in operation and promote the development of the industry.
Earlier Wednesday, China's top economic planning agency praised online platforms including Tencent ( OTCPK:TCEHY ) ( OTCPK:TCTZF ) and Meituan for investing in innovative projects, Bloomberg News reported .
A day ago, President Xi Jinping also called for the Asian nation to open up more to foreign cooperation in areas including trade and investment.
China has been easing its scrutiny on major tech giants to help with economy's post-COVID recovery in recent months.
Last week, People's Bank of China impose d fines on Ant Group and Tencent, marking an end to regulatory probes.
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China's Premier vows more support to companies to bolster economy- report