China’s Central Bank Pledges ‘Normalized’ Supervision for Tech Platforms
China’s central bank said it will implement “normalized” supervision on the financial activities of online platform companies, reiterating comments from top leaders last week.
The People’s Bank of China held a meeting on April 29 to discuss implementing financial support for the economy and policies to boost the healthy development of technology platform companies, it said in a statement on Wednesday.
The comments mirrored those from a statement by the Communist Party’s Politburo, the top decision-making body, which also met on April 29, suggesting authorities may ease up on a regulatory crackdown on the industry. The Politburo’s statement sparked a rally in tech stocks on the day.
The PBOC added that financial support for technology innovation companies should be strengthened and the stable operation of capital markets must be supported. It said policies that have been confirmed need to implemented faster.