China Premier Meets Major Tech Companies, Vows More Support

Beijing nudges the private sector to boost weakening economy
Fines on Ant, Tencent payments unit seen as end to crackdown

WATCH: Chinese Premier Li Qiang met with the country’s leading technology firms in another signal that Beijing is moving past its crackdown on the industry. Stephen Engle reports.Source: Bloomberg

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By Evelyn Yu and Jackie Cai

July 12, 2023 at 11:36 AM UTC

Updated on

July 12, 2023 at 12:52 PM UTC

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Chinese Premier Li Qiang met with senior executives from the country’s leading technology firms including Alibaba Group Holding Ltd. and ByteDance Ltd. on Wednesday, in another signal that Beijing is moving past its crackdown on the industry amid a weakening economy.

Representatives from food delivery platform Meituan and Xiaohongshu Technology Co., a popular Chinese Instagram-like social media platform, also spoke at the meeting, while JD.com Inc. and budget shopping platform PDD Holdings Inc. submitted written speeches, state broadcaster CCTV reported.