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China Economy Czar Vows to Back Tech Firms After Crackdown

  • Vice Premier Liu He voices rare public support for the sector
  • Comments suggest Beijing may be letting up on tech clampdown
Trump Order Would Ban Transactions With Chinese Payment Apps
Photographer: Roy Liu/Bloomberg
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China’s top economic official gave an unusual public show of support for digital platform companies Tuesday, suggesting Beijing may be ready to let up on a year-long clampdown on technology giants as it battles a slowing economy.

The government will support the development of digital economy companies and their public listings, Vice Premier Liu He, who is President Xi Jinping’s most senior economic aide, said after a symposium with the heads of some of the nation’s largest private firms. Baidu Inc. founder Robin Li, Qihoo 360 Technology Co.’s Zhou Hongyi and NetEase Inc. chief William Ding were among the tech luminaries spotted at the forum, according to a video posted online.