China’s policymakers are increasingly lauding online platforms as an important driver of consumption and job creation, in another sign of the government’s shifting attitude towards the sector. Top officials have made a string of supportive comments in recent months as Beijing mounts a charm offensive aimed at shoring up economic growth, attracting investment and boosting domestic demand amid an intensifying trade war with the United States. Vice-Premier Zhang Guoqing called on tech platforms to play a leading role in driving innovation, boosting consumption and stabilising employment during a recent inspection tour, while Premier Li Qiang pledged greater support for the platform economy during a State Council meeting in November. ‘The platform economy could enhance the efficiency of social resource allocation and cultivate new quality productive forces,’ Zhang was quoted as saying by the state-run Xinhua News Agency on Tuesday. The comments indicate that Beijing is moving on from a years-long crackdown on China’s big tech platforms, which saw a string of leading companies face billion-dollar fines and increased regulatory scrutiny from late 2020. China’s platform economy covers a wide range of industries that generate hundreds of billions of dollars in revenue every year, from e-commerce and social media to ride-hailing and food delivery. The sector provides jobs to more than 200 million flexible workers, Xinhua News Agency reported.

China mends fences with big tech in consumption, employment push

China's policymakers are now praising online platforms as key drivers of consumption and job creation, marking a shift away from previous regulatory crackdowns. Vice-Premier Zhang Guoqing and Premier Li Qiang have made supportive comments, indicating a move towards greater support for the platform economy.