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.

External Link : https://www.scmp.com/economy/china-economy/article/3227403/china-unveils-wish-list-boost-big-tech-economy-amid-us-curbs-after-ending-probe-platform-companies