China sends strong signal of support for Big tech companies as regulator meets t...

China sends strong signal of support for Big tech companies as regulator meets top executives from Baidu, Tencent, NetEase

China sends strong signal of support for Big tech companies as regulator meets top executives from Baidu, Tencent, NetEase

21 hours ago

The Ministry of Industry and Information Technology (MIIT), one of the nation's primary technology industry regulators, and top executives from China's largest online corporations convened to discuss how to further the high-quality development of the internet sector.

MIIT deputy director Zhang Yunming, Tencent Holdings founder and CEO Pony Ma Huateng, Baidu co-founder and CEO Robin Li Yanhong, Xiaomi founder and CEO Lei Jun, and NetEase founder and CEO William Ding Lei all attended the conference on Friday in Beijing.

MIIT deputy director Zhang Yunming, Tencent Holdings founder and CEO Pony Ma Huateng, Baidu co-founder and CEO Robin Li Yanhong, Xiaomi founder and CEO Lei Jun, Didi CEO Cheng Wei and NetEase founder and CEO William Ding Lei all attended the conference on Friday in Beijing.

Following more than two years of regulatory repression, Beijing is strengthening its support for the Big Tech industry in an effort to boost the economy of the country.

Participants in the meeting on Friday agreed that the fundamental principles governing the development of the internet sector will be accelerating the growth of the digital economy and further integrating it with the "real economy," goals that were outlined by the Communist Party's top leadership during the 20th national congress in October, according to the MIIT.

Following a 20-month roadblock that prevented Didi's attempt to sell shares in Hong Kong, officials stated on Friday that the China Securities Regulatory Commission will be given the authority to review applications by mainland companies for offshore listings, including in Hong Kong.

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