China’s Big Tech companies are expected to receive much-needed policy relief to help bolster the country’s economic recovery efforts, according to analysts, after Beijing last week pledged its strongest support for the sector’s growth, reports the South China Morning Post.
This positive development emerged at the conclusion on Friday of the two-day Central Economic Work Conference (CEWC) in Beijing, where the government leadership headed by President Xi Jinping said China’s “platform enterprises”—referring to large internet services operators like Alibaba Group Holding and Tencent Holdings—will be supported to “fully display their capabilities” in bolstering economic growth, job creation and international competition.
The closed-door meeting, convened annually by the Central Committee of the Chinese Communist Party, sets the tone for the roll-out of new policy guidelines in the world’s second-largest economy.