China's Premier Li Qiang met with executives from technology related firms such as Alibaba, JD.com, (NASDAQ:JD), Xiaohongshu Technology. He urged urging local governments to provide more support to firms in the sector, to:
- create a fair environment
- improve investment access for companies
- reduce the cost of compliance
- promote the development of the sector
This adds to signs of an easing of the crackdown on tech sector firms. Yesterday China's National Development and Reform Commission of the People's Republic of China (NDRC), the nation's top economic planning agency, praised online platforms including Tencent and Meituan for investing in innovative projects.
Earlier in the week President Xi Jinping called for further opening up to more to foreign cooperation in areas including trade and investment.
And last week the People's Bank of China imposed fines on Ant Group and Tencent, marking an end to regulatory probes.
