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Good News For Alibaba And Peers As China Regulator Shows Support And Regulatory Crackdown Easing Plans

  • China's central bank prepared to step up support for private firms to drive the economy while easing a crackdown on tech companies, media quoted Guo Shuqing, Communist party chief of the People's Bank of China.

  • China's monetary policy in 2023 will focus on expanding demand, especially personal consumption, Reuters reports.

  • The update reflects fresh vigor and optimism for battered companies ranging from Chinese tech barometer Alibaba Group Holding Limited (NYSE: BABA).

  • Also Read: Alibaba Founder Jack Ma Appeared In A Short Video With Advice To Rural Teachers

  • Chinese leaders pledged to ramp up support for the second-largest economy hit hard by 2022's pandemic lockdowns and slowing global demand.

  • China battled a surge of infections after China reversed strict virus curbs in December.

  • Guo, who also chaired the China Banking and Insurance Regulatory Commission, proposed a financial guideline blended with fiscal and social policies to drive income for low- and middle-income groups and COVID-hit groups.

  • Guo talked of precise and forceful prudent monetary policy focused on expanding effective demand and deepening the supply-side structural reforms.

  • Chinese financial institutions should treat all types of enterprises fairly, he said.

  • Authorities aim to widen financing channels for private firms, supporting their stock and bond issuance, Guo said.

  • China proposed to promote the sound development of online platform companies, Guo said, adding rectification of the financial businesses of 14 platform companies.

  • Since late 2020, Beijing has stepped up control of the country's sprawling fintech giants.

  • Authorities looked to adopt "normalized regulation" afterward and encourage platform companies to operate compliantly.

  • Price Action: BABA shares traded higher by 3.64% at $111.27 in the premarket on the last check Monday.

  • Image by Kurious from Pixabay

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