Beijing signals support to internet giants as curbs ease

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

Large payment and fintech platform enterprises should be supported in better serving the real economy and smoothing the “dual circulation” of domestic and international markets, Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, said a a top economic meeting on Wednesday.

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

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