China Gets Hold Of Alibaba And Other Tops Execs Of Chinese Companies To Trumpet Confidence In Domestic Economy On State TV
Author: Anusuya Lahiri | January 11, 2023 09:34am
- Executives from 21 private-sector Chinese companies, including Alibaba Group Holding Limited (NYSE: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 (NASDAQ: JD), manufacturers like Fuyao Glass Ind Group Co (OTC: FYGGY), conglomerate Fosun International, Ltd (OTC: 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
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