China economy czar vows support for tech firms after crackdown

The remarks signal further easing of the regulatory risk for China's technology behemoths including Baidu and Tencent. - Bloomberg

BEIJING (Bloomberg): China’s top economic official gave an unusual public show of support for digital platform companies Tuesday (May 17), suggesting Beijing may be ready to let up on a year-long clampdown on technology giants as it battles a slowing economy.

The government will support the development of digital economy companies and their public listings, Vice Premier Liu He, who is President Xi Jinping’s most senior economic aide, said after a symposium with the heads of some of the nation’s largest private firms. Baidu Inc. founder Robin Li, Qihoo 360 Technology Co.’s Zhou Hongyu and NetEase Inc chief William Ding were among the tech luminaries spotted at the forum, according to a video posted online.