- July 12, 2023
- Posted by: admin
- Category: Daily News
- 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.