Chinese tech stocks are rallying after top government officials indicated a shift from reining in the companies’ influence to helping them grow and strengthen China’s position on the world stage.
Premier Li Qiang offered his support to senior tech executives in a meeting on Wednesday in Beijing, while the country’s state planning agency praised groups including Tencent and Meituan for bolstering the country’s semiconductor efforts.
The official outreach follows the conclusion of a regulatory campaign against Jack Ma’s Ant Group, which was hit with a nearly $1bn fine last week. The central bank said financial platform operators such as Ant and Tencent had ironed out most of their outstanding problems.
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