Investors are sceptical about Beijing’s recent pledge to support China’s biggest technology companies in the coming year, following a bruising regulatory campaign that has tamed internet titans such as Alibaba and Tencent.
During an annual policy meeting that sets out the agenda for 2023, China’s top leaders pledged last month to support digital companies to “fully display their capabilities” in promoting economic growth, according to a readout of the closed-door summit on Chinese state media.
But venture capitalists and foreign investors remain wary about the apparent reversal of a brutal, two-year regulatory campaign.
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