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Key News
Asian equities were mixed on light volumes in advance of today’s US inflation release.
Premier Li met with “platform economy” executives overnight. This is the government’s term for internet companies. Li proclaimed that the companies are “conducive to expanding demand and employment”. The Premier recommended that local governments provide a fair environment, help the companies develop the economy and promote employment, a key issue this year. He also solicited their opinion on how the government can help the companies. Meanwhile, the National Development and Reform Commission (NDRC) praised Alibaba, Tencent, Meituan, and other internet companies for their technological prowess and contribution to the economy. We can firmly put the final nail in the coffin for China’s internet regulatory cycle. An Ant IPO would add an exclamation point, as their approval for a financial services license in theory paves the way for an IPO.
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