Beijing’s promise of policy support for China’s Big Tech companies ‘too abstract’ as more action is needed, analysts say

Concrete policies, instead of ‘abstract vocal support’ from China’s leadership, are needed by Big Tech firms to grow, analysts say. The Central Economic Work Conference’s show of support comes months after the State Council pledged policies to help the country’s digital economy. — SCMP

China’s Big Tech companies are expected to receive much-needed policy relief to help bolster the country’s economic recovery efforts, according to analysts, after Beijing last week pledged its strongest support for the sector’s growth.

This positive development emerged at the conclusion on Friday of the two-day Central Economic Work Conference (CEWC) in Beijing, where the government leadership headed by President Xi Jinping said China’s “platform enterprises” – referring to large Internet services operators like Alibaba Group Holding and Tencent Holdings – will be supported to “fully display their capabilities” in bolstering economic growth, job creation and international competition. Alibaba owns the South China Morning Post.