China's state planner praises Tencent, Alibaba as attitude towards tech shifts

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BEIJING, July 12 (Reuters) - China's state planner on Wednesday praised Tencent (0700.HK) and Alibaba (9988.HK) in a statement detailing a study it had done on platform firms, in the latest sign authorities are warming up to the technology sector after a nearly three-year crackdown...

The National Development and Reform Commission (NDRC) said platform companies had become key contributors to areas of tech innovation China was prioritising, such as semiconductors and autonomous driving...

The commission's comments come after authorities signalled last week that a crackdown that began in late 2020 on the country's technology sector had ended with fines on Ant Group and Tencent...

During the campaign, which wiped billions of dollars off the market value of China's top technology firms, regulators repeatedly criticised and punished these companies for violations ranging from failing to protect customer privacy to monopolistic behaviour...