China’s top political advisory body hosts special symposium to help digital economy in sign of easing crackdown
- The Chinese People’s Political Consultative Conference is holding a special symposium to promote the digital economy after months of crackdowns on Big Tech
- Chinese tech stocks were up in Hong Kong on Tuesday amid hopes of easing regulatory pressure on the tech sector
Top Chinese communist party officials, including vice premier Liu He and No 4 party ranking member Wang Yang, met Big Tech leaders on Tuesday to encourage them to play a constructive role in the national economy, sending a signal of support to the Chinese tech sector after 18 months of regulatory crackdowns.
The Chinese People’s Political Consultative Conference (CPPCC), the country’s top political advisory body, held a special symposium on Tuesday to promote the digital economy, confirming earlier reports by the South China Morning Post that Beijing wants to give the tech sector a lift as economic growth falters amid Covid-19 lockdowns.
Liu said the government will support the healthy development of the platform economy and private firms, while supporting digital enterprises in going public on domestic and overseas capital markets, according to Chinese state-owned broadcaster China Central Television (CCTV).
Wang said the government will strengthen confidence in the sector, taking into account industry development needs and security, and will boost the development of the digital economy.
Baidu chairman Robin Li and Qihoo 360 CEO Zhou Hongyi, along with around 100 other members of the CPPCC, attended the meeting on Tuesday, video footage from CCTV showed.
“We need to give full play to the advantages of the our national system and large market size, strengthen key and core technology development and research, and firmly grasp the autonomy of the development of the digital economy,” CCTV’s evening news reported on Tuesday, citing CPPCC members.