China unveils wish list to boost big tech, economy amid US curbs

  • Beijing’s first endorsement of projects by the likes of Alibaba, Tencent and Meituan has marked an official end of a two-and-a-half-year investigation into platform companies, fuelling expectation that China will take measures to restore its economic growth.
  • Alibaba, Tencent and Meituan have all received hefty fines and undergone heavy business restructuring since October 2020 as part of Beijing’s regulatory crackdown.
  • But on Wednesday, the trio were among 10 leading internet giants praised by the National Development and Reform Commission (NDRC).
  • The top economic planner also laid out the initial boundary of China’s so-called green-light projects – where private internet giants can invest and receive government backing, pinning high hopes on their role in boosting the development of the real economy and to shore up headline growth.

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