China's Premier Calls on Tech Giants to Boost Economy Amid Regulatory Changes
Chinese Premier Li Qiang met with tech giants including Alibaba's cloud unit and Meituan, urging them to support the economy and signaling that the years-long crackdown on the tech industry is over. Li promised to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade. The meeting comes after authorities recently imposed fines on Ant Group and Tencent, indicating the end of the crackdown. However, some fund managers remain cautious due to expectations of future stringent regulation and a sluggish domestic economy.