Image source: China Visual

BEIJING, December 16 (TMTPOST) — Beijing will bolster the digital economy while supporting platform companies in leading development, creating job opportunities and competing in the global market, according to the closed-door two-day economic conference that concluded in Beijing on Friday. 

The past two years have been tough for Chinese platform companies. The stock price of Chinese tech giant Tencent sank to its lowest of the past five years in late October to 200.8 HKD from 757.0 HKD in February 2021, due to the Anti-Monopoly Law, restrictions on online games for minors and the Covid-19 pandemic.

“Next year, we will prioritize stability while pursuing progress, continue to implement a proactive fiscal policy and a prudent monetary policy, intensify macro-policy regulation, strengthen coordination and cooperation of various policies, and form a joint force to promote high-quality development,” said the statement .

The top priority is to stimulate domestic demand by putting the return and expansion of consumption first. The national government will support housing improvements, new energy vehicles and care services for the elderly. 

The government will also ramp up support measures for the beleaguered property sector “to ensure the stable development of the real estate market.” Delivery of buildings will be ensured to protect people's livelihood and promote stability. The nation will stick to the principle that houses are for living in, not for speculation. Last year, as property developers failed to deliver building projects due to a cash crunch, many Chinese homebuyers suspended their mortgage repayments.

The coronavirus cases continued to surge across the country, after the government eased Covid-19 curbs. An average of 2,000 positive cases was confirmed daily during the past week but asymptomatic infections could be higher.