Top Chinese leaders stress support for platform economy · TechNode

On Tuesday, China’s high political advisory physique held a session session to debate digital financial system growth with leaders from the nation’s personal sector companies. Baidu CEO Robin Li and NetEase CEO Ding Lei attended the assembly and made proposals. Vice Premier Liu He emphasised help for a wholesome platform financial system, the nation’s personal sector, and abroad listings. 

Why it issues: Trade observers consider the anticipated assembly is a barometer for whether or not the nation will loosen the crackdown on the tech sector that started in late 2020 and accelerated final summer time. Regardless of the shortage of an obvious reference to the crackdown, the assembly supported a wholesome platform financial system and the personal sector, which may be learn as an indication that the crackdown will ease. 

Particulars: The assembly re-emphasized most of the objectives beforehand put forth in long-term financial plans, together with optimizing information administration and the commerce of knowledge, the facilitation of a nationwide information middle system, the continued development of an industrial web to assist with good manufacturing and extra. Baidu’s Robin Li proposed that the federal government ought to take into account loosening restrictions for firms to check autonomous automobiles, whereas NetEase’s Ding Lei proposed a wider adoption of China’s digital yuan. 

• Wang Yang, China’s high political advisor and chairman of the Chinese language Individuals’s Political Consultative Convention (CPPCC), hosted the assembly. 
• Vice Premier Liu He additionally attended and addressed the assembly. In accordance with state information company Xinhua, Liu stated “the nation ought to help the sustained and wholesome growth of the platform financial system and personal sector” and inspired platform firms to take part in main nationwide science and know-how tasks. Liu additionally burdened help for “the itemizing of digital firms within the capital markets at residence and overseas,” for which he first confirmed help in a March 16 high-level authorities assembly. 
• Robin Li, CEO of Baidu and a member of the CPPCC, proposed that authorities ought to velocity up the digitization of China’s infrastructure and chill out insurance policies to permit firms to raised take a look at autonomous driving. For instance, Li stated synthetic intelligence may assist lower down prices on the nation’s flood management system. 
• Ding Lei, CEO of NetEase and a member of the CPPCC, steered extra complete promotion and adoption of the digital yuan, akin to utilizing it to pay for utilities, purchase shares, and pay for day by day deliveries. 
• Greater than 100 delegates attended the assembly, of which 29 specialists and CPPCC members addressed the assembly instantly. Delegates attended the assembly nearly in addition to in-person. 

Context: In February, the CPPCC held a videoconference assembly with companies in Hangzhou to debate the way to develop digital economies. That assembly was held in preparation for the assembly this week.