- Executives from 21 private-sector Chinese companies, including Alibaba Group Holding Limited BABA, lauded their confidence in the nation’s economy in an unparalleled program aired by China’s state broadcaster.
- Alibaba Chair and CEO Daniel Zhang Yong represented the company, considered the tech barometer of the country.
- The other companies included JD.Com, Inc JD, manufacturers like Fuyao Glass Ind Group Co FYGGY, conglomerate Fosun International, Ltd FOSUF, consumer brand Blue Moon and new energy leader Longi Green Energy Technology, SCMP reports.
- The executives discussed their confidence in China’s economy and the new possible driving forces for the world’s second-largest economy.
- Also Read: Alibaba Is Top Pick, Analyst Boosts Estimates Expecting Growth Recovery And Easing Logistics From Fiscal 24
- The program underscored Chinese President Xi Jinping’s message during last year’s party congress that the ruling Communist Party will “unwaveringly” support the private sector, a promise stressed further at a critical economic work conference at the end of 2022.
- “As China’s economy still faces very big downward pressure, the priority in 2023 is to stabilize the economy, and the key is to strengthen the confidence of private-sector entrepreneurs, that’s why CCTV released this video,” said Bin Zhao of PwC China.
- “From the perspective of entrepreneurs, the economic prospects are still gloomy, and they might not speed up much investment right away before more signals on economic recovery,” Zhao said.
- The show comes after the combined wealth of China’s 100 wealthiest people plummeted 39% to $907.1 billion from a year earlier in 2022, according to Forbes.
- Price Action: BABA shares traded higher by 0.48% at $115.43 in the premarket on the last check Wednesday.
- Photo by Kurious from Pixaba
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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