China’s top economic official met dozens of executives and industry experts on Tuesday, pledging “support” for technology companies amid a deepening economic slump.
Liu He, a vice-premier and President Xi Jinping’s closest economic adviser, said China “must support the platform economy, and sustain the healthy development of the private economy”.
He added that China should better “balance the relationship between the government and the market, and support digital companies to list on domestic and foreign exchanges”, according to state media.
Video footage from state broadcaster CCTV showed Baidu founder Robin Li and Qihoo 360 founder Zhou Hongyi at the meeting.
Markets were closely watching news of the meeting put on by China’s top political consultative body in the hope it could signal an end to Beijing’s regulatory crackdown on internet companies.
“It’s not accurate to say the crackdown is going to ‘end’, how can it end?” said an investment manager at a leading Chinese tech company, adding that Liu’s remarks served only to stabilise market expectations.
Thanks for reading FirstFT Asia. Email me at firstft@ft.com. Here’s the rest of today’s news — Emily
Five more stories in the news
1. Musk raised prospect of Twitter takeover as early as March More than a week before Elon Musk’s initial 9.2 per cent stake was disclosed as a passive holding and more than two weeks before going public with a $44bn hostile bid, the billionaire had already held several days of negotiations about joining Twitter’s board and had started to discuss a takeover as early as March 27, according to new documents.
2. US accused of undermining Taiwan defences US business groups have accused their government of undermining Taiwan’s defences by only approving the sale of weapons it believes would be essential for the democratic country to resist a full Chinese invasion. The group’s letter highlighted an increasingly fierce debate among US policymakers and arms manufacturers over how to best help arm Taiwan.
3. Biden visits Buffalo after racially motivated shooting US president Joe Biden denounced white supremacy as a “poison” running through American politics after blaming a “hateful and perverse ideology” for the deadly racially motivated mass shooting at a supermarket in Buffalo, New York.
Go deeper: As Buffalo grieves after America’s latest racist attack, the tragedy fits longstanding pattern of rightwing extremism, say experts.
4. Powell says Fed will keep tightening Chair Jay Powell said the Federal Reserve will continue tightening monetary policy until it sees “clear and convincing” evidence that inflation is coming back down towards the central bank’s longstanding 2 per cent target.
5. Indian insurer LIC slips in historic stock market debut Shares in Life Insurance Corporation dropped more than 8 per cent on their stock exchange debut on Tuesday, as India’s biggest initial public offering landed at a turbulent time for global asset markets.
The latest from the war in Ukraine
Mariupol: Ukraine has confirmed that an operation is under way to rescue its troops from a Mariupol steel mill after nearly three months of bombardment.
Energy: Russia will probably be permanently shut out of the global energy market once Europe weans itself off the country’s oil and gas, according to energy executives.
Explainer: Can Russia be made to pay for destruction in Ukraine?
The day ahead
Japan GDP and industrial production data First-quarter gross domestic product and industrial production figures are set to be released. Japan’s economy expanded 5.4 per cent in the fourth quarter of 2021 after Covid curbs eased.
G7 development ministers meeting Officials will gather in Berlin on Wednesday.
Join us in person or online at the FT Business of Luxury Summit on May 18-20 to hear from luxury leaders including British Vogue, Valentino, Zegna and YSL.
What else we’re reading
Biden’s China strategy cannot work with weapons alone The asymmetry of Biden’s China policy increases the danger of what everyone fears — a conflict with China, writes Edward Luce. A superpower that is happy to discuss military aid and weapons, but reluctant to talk of trade and investment, is telling both partners and foes that it speaks just one language.
Kishida seeks to awaken ‘animal spirits’ in Japan’s start-up scene As prime minister Fumio Kishida attempts to revitalise Japanese capitalism, the local start-up scene will be one place to start. But the challenges are not just financial — they also include the deep-seated cultural forces behind Japan’s risk aversion, writes Tokyo correspondent Antoni Slodkowski.
The Penguin Book of Indian Poets — a feast of literature It is a truth universally held in India that while novelists might win acclaim, big advances and gleaming trophies, poets are the monarchs of literature. And The Penguin Book Of Indian Poets, an anthology of poems exclusively written in English, is vast in scope and ambition.
New York mayor urges JPMorgan chief to ride subway to work “We’re telling our corporate leaders: ‘Hey, get on the train!’” Eric Adams said in an interview with the Financial Times. “We need to advertise that New York is back.” Only about 40 per cent of workers have returned to New York City offices in spite of repeated exhortations from the mayor, posing a dire threat to the city’s economic livelihood.
NBA extends global reach with international stars Nikola Jokić of Serbia last week became the fourth foreign-born player to win the US National Basketball Association’s most valuable player award. The success of international players is the result of a multi-decade effort by US sports to build fan bases abroad.
Food & drink
Let the drinks menu at Plaza Khao Gaeng, chef Luke Farrell’s new southern-Thai canteen in London’s Arcade Food Hall, transport you to south-east Asia as you sip on cafea yen (iced coffee, condensed milk, evaporated milk), cha yen (iced black tea, condensed milk) or cha kieow yen (iced green tea, condensed milk and squirty cream).
Source: Economy - ft.com
