Over Friday, China hinted at loosening its hold on the once-freewheeling internet industry as President Xi Jinping moved to assist the economy in the face of growth-stifling COVID-19 lockdowns, sending shares of online behemoths skyrocketing.
China’s powerful Politburo said in a meeting presided over by Xi that it will increase policy support for the world’s second-largest economy, including its so-called “platform economy,” fueling investor hopes that the worst of an unprecedented, multi-pronged crackdown that began in late 2020 may be over.
China’s powerful Politburo said in a meeting presided over by Xi that it will increase policy support for the world’s second-largest economy, including its so-called “platform economy,” fueling investor hopes that the worst of an unprecedented, multi-pronged crackdown that began in late 2020 may be over.
According to two people familiar with the issue, China’s senior officials will organise a symposium with a number of internet companies early next month, which is expected to be chaired by Xi. According to one account, Meituan (3690.HK), a meal delivery service, was among those invited.
Because of confidentiality issues, the sources declined to be identified.
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