China unveils wishlist to boost big tech companies and economy

China’s top economic planner has endorsed projects by 10 leading tech giants, including Alibaba, Tencent and Meituan, to restore national economic growth.

The National Development and Reform Commission (NDRC), a macroeconomic management agency under the State Council that has control over the economy of Mainland China, praised crucial projects by 10 leading tech companies. 

The National Development and Reform Commission lauded the contribution of the private sector to technological advancement and economic growth.

Reportedly, Alibaba, a Chinese multinational technology company specializing in e-commerce, retail, Internet; Tencent, a Chinese multinational technology and entertainment conglomerate as well as one of the highest grossing multimedia companies in the world based on revenue; and Meituan, a Chinese shopping platform, helped to boost China’s economy.

China’s top economic planner said, “These firms have become a key force in the innovation of digital technologies.” The National Development and Reform Commission said in a statement on its official WeChat account, “While obtaining rich returns and improving their core competitiveness through their investments, platform companies have also contributed to technological self-reliance, the real economy and the country’s high-quality development.”

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Shares of Alibaba and Tencent soared in Hong Kong, a city and a special administrative region in China, on July 10 after China’s US$984 million fine against Ant Group, an affiliate company of the Alibaba Group, appeared to mark the end of China’s regulatory crackdown on the technology sector.

Alibaba and Tencent received hefty fines as part of Beijing’s regulatory crackdown. China also fined Tencent’s online payment platform Tenpay nearly US$414.88 million. 

The projects highlighted by the NDRC will help to ensure sustainable growth of the country. The NDRC has said that the top 10 platform companies increased their investment in chips, technology, new energy and agriculture in the first quarter.

The NDRC reportedly said, “Platform companies keep increasing their investment in technological innovation and empowering the real economy.”