End of regulatory crackdown? China to hold symposium with the country's Big Tech firms

Edited By: Vyomica Berry
Beijing, China Updated: Apr 29, 2022, 03:44 PM(IST)

In this photo released by Xinhua News Agency, Chinese President Xi Jinping delivers a keynote speech via video for the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference, in Beijing Photograph:( AFP )

Story highlights

According to the Xinhua news agency, officials met with the Chinese Communist Party's decision-making body and the symposium will be held after the Labour Day holiday

China is going to meet with the country's Big Tech firms, the South China Morning Post reported, citing two sources briefed on the situation.

It added that the symposium has been set to assure business executives that regulators will no longer demand rectifications or impose surprise fines and will be held after the Labour Day holiday.

According to the Xinhua news agency, officials met with the Chinese Communist Party's decision-making body.

It said that it was "necessary to promote the healthy development of the platform economy" and "complete its rectification".

The Politburo meeting was chaired by Chinese President Xi Jinping and after the meeting, officials said there was a need to "respond to market concerns in a timely manner".

The news has raised hopes that Beijing will stop its long-running, sweeping regulatory clampdown on the tech sector.

As a result, Shanghai and Hong Kong led a rally across Asian and European markets on Friday.

Also see | From education to bitcoin, China's season of regulatory crackdown

Financial experts have warned officials will struggle to achieve a soft landing by controlling prices while still nurturing growth and the recovery in the US economy could be thrown off course.

Carol Schleif told Bloomberg Television, "The Fed's record on soft landings is not that strong." 

"Markets are watching very, very carefully to see if we can thread that needle," Scheif added at the BMO Family Office.

Due to China's lockdowns, the sentiment of growth remains fragile as traders are operating under the shadows of war and soaring inflation.

WATCH WION LIVE HERE

Read in App