With the meeting between China’s head of state and the board members of great Chinese tech companies, Xi Jinping sends a strong signal to the industry and the entire country. Chinese tech shares then increase significantly on the stock exchange.
• XI Jinping meets Chinese tech companies
• Signal of trust and support
• Chinese tech shares attract
According to reports, China’s state and party leader Xi Jinping met with the board of some of the great Chinese tech companies at the beginning of the week. According to the state media, Alibaba CEO Jack Ma, Tencent boss Pony Ma, BYD founder Wang Chuanfu and Huawei boss Ren Zhengfei are also present at the meeting, among other representatives of the private sector.
Trust signs to the economy
The reason is said to have been the intention to “send a signal of trust and signal of support to the private companies in the world’s second largest economy,” as the German Press Agency (dpa) reported. As the Saxo APAC research team also emphasized, the meeting signals that China sees itself in the duty to help the economy again. XI reminded of the “patriotic ambitions” and encouraged the entrepreneurs to “concentrate on their development with full strength, to operate law and share prosperity in order to make a larger contribution to Chinese modernization,” quoted the Handelsblatt, for example .
XI wanted to illustrate the relevance of competitiveness to the executives of the companies and how important it was to believe in the future of the country.
Sailor for Xiaomi share, Alibaba share & Co.
Investors reacted pleasantly to the meeting and thus caused a real rally in the shares of China’s large tech companies. While Xiaomi papers in Hong Kong increased by 7.20 percent to $ 48.40 in Hong Kong on Tuesday, alibaba shares increased by 3.36 percent to $ 3.36 percent. Meanwhile, the share certificates from Tencent gained 2.01 percent to $ 503.50.
Editor finance.net
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