Chinese Vice Premier Liu He (2nd R) speaks at a consultation session held by the Chinese People's Political Consultative Conference National Committee in Beijing, China, May 17, 2022. /Xinhua
Chinese Vice Premier Liu He called for support for the development of the platform economy and technology companies' stock listings in a meeting with executives and industry experts on Tuesday.
China should support the sustained and healthy development of the platform economy and private sector, Liu said at a consultation session held by the Chinese People's Political Consultative Conference (CPPCC) National Committee.
The platform economy refers to digital platforms, including those used to conduct online commerce.
The country should formulate measures to boost the orderly and sound development of the platform economy and encourage platform businesses to participate in major national sci-tech innovation projects, he added.
The government also needs to ratchet up direct investment in the digital economy, support the listing of digital companies in the capital markets at home and abroad, and cling to the strategy of opening up for the development of the digital economy, Liu said.
Hong Kong and U.S.-listed shares of Chinese technology firms rose on Tuesday after news of the meeting emerged. Alibaba and Pinduoduo jumped more than 6 percent before the market closed in New York.
Icons of e-commerce platform applications on a smartphone, May 25, 2021. /CFP
Recognizing China's institutional advantages and massive market size, the political advisors called for major breakthroughs in core technologies to retain the autonomy of developing the digital economy.
They also suggested that the country deepen the integration of the digital economy and the real economy.
China escalated regulation on its platform economy in 2021 to curb the disorderly expansion of capital. The country also intensified supervision of violations of anti-monopoly and data privacy rules.
Normalized supervision has been emphasized this year. China will set up a "traffic light" for capital in a bid to "effectively regulate capital" and guide its healthy development, according to the tone-setting Central Economic Work Conference.
The Political Bureau of the Communist Party of China Central Committee also called for efforts to promote the healthy development of the platform economy and carry out normalized supervision in a meeting last month.
(With input from agencies)