Alibaba, Tencent and Meituan praised by Beijing for helping China’s tech progress in new sign of attitude change
- Chinese Premier Li Qiang met representatives from Alibaba Cloud, Meituan, Douyin and Xiaohongshu on Wednesday
- The meeting came after the National Development and Reform Commission praised several Big Tech firms, including Tencent, for their investments
Alibaba Group Holding, Tencent Holdings and Meituan are among a handful of tech companies praised by China’s powerful economic planning agency for their roles in supporting the nation’s technological progress and economic growth, a fresh signal that Beijing is putting on a friendly face towards Big Tech firms.
The endorsement by the National Development and Reform Commission (NDRC) on Wednesday morning was followed by an afternoon symposium held by Chinese Premier Li Qiang with representatives from major tech companies.
The meeting, which focused on ways to boost the healthy and sustainable development of the platform economy, was attended by Alibaba Cloud, Meituan, ByteDance-owned Douyin, and Xiaohongshu, according to a report by state broadcaster China Central Television (CCTV).
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“The platform economy emerged along with the development of the times, providing space for rising demand and a new engine for innovation,” Li was quoted as saying.
Wang Jian, founder of Alibaba Cloud, and Qu Fang, founder of Xiaohongshu, were seen speaking at the event in CCTV footage. Vice-premier Ding Xuexiang was also in attendance.
Major internet platforms have been under intense regulatory scrutiny over the past two and half years, as Beijing moved to curb the “irrational” expansion of capital and pursue common prosperity.
But Beijing’s attitude took a big turn in late 2022, as it began to highlight the positive role played by internet platforms.
