China ETFs and ADRs rallied in premarket trading on Thursday. Fangdd jumped 7%; YINN rose 5%; Trip.com Group Limited rose 3.3%; XPeng, Alibaba rose 2%; PDD rose 1.7%; NIO rose 1%.
Pony Ma Huateng, the founder and CEO of Chinese tech giant Tencent Holdings, published a rare commentary in an official newspaper on Thursday, praising Beijing’s recent economic policies for supporting the private sector.
The stimulus policies that Beijing started implementing in late September have shown private enterprises the central government’s “strong determination” to sustain its push for economic recovery by focusing on the business pain points and responding comprehensively to market demands, Ma wrote in a piece published in People’s Daily, the mouthpiece of the ruling Communist Party.
The package of regulatory and legislative measures “has truly formed policy synergy, allowing enterprises to concentrate more on doing their main business well and developing with reassurance”, wrote Ma, who has largely kept a low profile in recent years.
Ma offered his remarks alongside those of other Chinese business leaders – including Liu Yonghao, chairman of agribusiness company New Hope Group, and Zhang Xinghai, chairman of carmaker Seres Group – commenting on how the private sector can further drive the country’s economic development.
Beijing has implemented a series of stimulus packages since September that have lifted the market and raised growth projections, while sparking anticipation of further measures to inject vitality into the world’s second-largest economy.
The readout of a Politburo meeting chaired by President Xi Jinping on Monday has fanned speculation that next year Beijing is likely to deliver more interest-rate cuts, increase the government’s borrowing limit and take more steps to stabilise the beleaguered property market.
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