Beijing signals support for internet giants as curbs lighten

The Chinese government has vowed to increase its support for internet giants and their online payment units after it ended an 18-month regulatory storm against the tech sector last month.

Major payment and fintech platform enterprises should be supported to better serve the real economy and smooth out the “dual circulation” of domestic and international markets, said Chinese President Xi Jinping, also general secretary of the Central Committee of the United Nations. Communist Party of China (CPC) and chairman of the Central Military Commission, said an economic summit meeting on Wednesday.

Shares of Alibaba Group were up 6.4%, closing at HK$108 (US$13.76) on Thursday, while Tencent’s shares were up 1.35% to HK$375 on Thursday. Hang Seng Index, a benchmark of Hong Kong’s stock market, rose 1.26% to 21,273.

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