Chinese Premier Li Qiang met with executives from technology-related companies such as Alibaba, JD.com, (NASDAQ:JD), and Xiaohongshu Technology. He urged local governments to provide more support to companies in this sector to:
- Create a fair environment
- Improving companies’ access to investment
- Reduce the cost of compliance
- Promote the development of the sector
This adds to the signs of an easing of the crackdown on tech companies. The People’s Republic of China’s National Development and Reform Commission (NDRC), the country’s top economic planning agency, has praised online platforms including Tencent and Meituan for investing in innovative projects.
Earlier in the week, President Xi Jinping called for more openness to foreign cooperation in areas including trade and investment.
And last week, the People’s Bank of China imposed fines on Ant Group and Tencent, ending a regulatory investigation.