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China’s Vice Premier Stresses Support for Tech Sector

Garrett_Li

Garrett_...

· 5月18日

Liu emphasized that China supports tech companies to go public both at home and overseas.

Image Source: Visual China

Image Source: Visual China

BEIJING, May 17 (TMTPOST) — Chinese Vice Premier Liu He made soothing comments to tech companies in China on Tuesday at a conference held by the Chinese People's Political Consultative Conference, stating that the Chinese government supports the development of the tech sector and both domestic and overseas public listings for Chinese tech companies.

Tech giant executives and founders, such as Baidu’s Robin Li and Qihoo 360’s founder Zhou Hongyi attended the conference. “I feel hope and confidence. The support for the digital economy, platforms and private economy brings positive energy,” Zhou said. “Confidence and hope are more valuable than gold at this moment.”

China stated to crack down on its tech industry in late 2020, which has led to the loss of billions of dollars in market value of Chinese tech companies, according to the Reuters.

Wang Yang, Chairman of the Chinese People's Political Consultative Conference, attended the conference. In his remark, he stressed that China needs to build up its digital economy and let it better serve and integrate into new development.

Liu pointed out that entrepreneurs are the most important innovators and that support is needed for the healthy development of digital economy and private economy. He also stressed that more efforts should be made to study the measures to support the healthy development of digital economy. Liu noted that China supports tech companies to go public both at home and overseas. Liu said China will look to properly manage the relationship between the government and market.

The development of digital economy requires China to stay open to facilitate competition in the market so as to drive up innovations, Liu said.

Around 100 members of the Chinese People's Political Consultative Conference attended the event. 29 experts and members spoke at the conference.

Both Hong Kong and U.S.-listed shares of Chinese technology companies rose on Tuesday after news of the meeting emerged.

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