NDRC praised Baba Tencent and Meituan, worse is over for China Tech??

It is uncommon for state ministries and commissions to specifically mention private companies, but on July 7, the National Development and Reform Commission (NDRC) issued a special document naming Tencent, Meituan, and Alibaba.

According to the official announcement from NDRC, they conducted an in-depth study of platform enterprises in collaboration with relevant departments. The study found that Tencent, Meituan, and Alibaba have all made significant investments in technological innovation.

Tencent has invested in Shanghai Fengyuan Technology Co., Ltd., a company that develops cloud computing power and artificial intelligence technologies. These investments have helped Tencent to promote the commercialization of domestic high-performance AI chips.

Meituan has invested in Rongxin Semiconductor (Ningbo) Co., Ltd., a company that manufactures wafers and packages semiconductor devices. These investments have helped Meituan to strengthen its main business in wafer manufacturing and packaging, and to conduct research and development of major products like image sensors and display drivers.

Alibaba has invested in Huitongda Network Co., Ltd., a company that provides services to enterprise customers in the retail industry. These investments have helped Alibaba to support the transformation and development of the agriculture and service industries, and to provide one-stop SaaS+ services and merchant solutions for small and medium-sized enterprises.

The NDRC's praise of these three companies is significant because it signals a shift in the government's attitude towards private platform enterprises. In recent years, the government has taken a more regulatory approach to these companies, but the NDRC's praise suggests that the government is now more supportive of their role in the economy.

The NDRC's praise of these three companies is also timely. Private investment has been declining in China in recent months, and the government is looking for ways to boost investment and growth. The NDRC's praise of these three companies is likely to help to stabilize confidence in the private sector and encourage more investment.

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