Alibaba, Other Chinese Stocks Pop As China's Top Economic Official Expresses Support For Digital Platform Ahead Of 2022 Election

China's top economic official offered an unusually public show of support for digital platform companies hinting toward possible ease in the ongoing crackdown, Bloomberg reports.
The latest comments may inject much-needed confidence into the capital markets. Tencent Holding Ltd TCEHY and Alibaba Group Holding Limited BABA combined lost over $1 trillion in market value post regulatory crackdown in late 2020.
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The government expressed support for the development of digital economy companies and their public listings, Vice Premier Liu He, President Xi Jinping's most senior economic aide, said at a meeting with representatives of tech companies.
Reports quoted Liu saying the relationship between government and markets "should be handled well."
Baidu, Inc BIDU founder Robin Li and NetEase, Inc NTES chief William Ding were at the forum.
In a year plagued by geopolitical uncertainty and pandemic resurgence, Beijing has made stability its core priority, particularly as its top officials prepare for a critical leadership transition toward the end of 2022.
Price Action: BABA shares traded higher by 6% at $91.60 on the last check Tuesday.