BEIJING - China's top economic official gave an unusual public show of support for digital platform companies on Tuesday , suggesting Beijing may be ready to let up on its year-long clampdown on its technology giants.
The remarks signal further easing of the regulatory risk for China's technology behemoths including Baidu Inc and Tencent Holdings Ltd, as investors await clues on whether a rout in their shares is near an end. Beijing has made stability its core priority in a year plagued by global geopolitical and economic uncertainty - particularly as its top officials prepare to effect a key leadership transition towards the end of 2022.
China's economic activity collapsed last month, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery.
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