Beijing Commits to Reform of Internet Giants, Support for Offshore Listing of Chinese Companies

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The financial commission of China’s State Council has outlined its policy focal points at a specialist meeting convened by Vice-Premier Liu He on 16 March.

The specialist meeting of the Financial Stability and Development Committee (FSDC) said that key economic focal points under prevailing complex conditions would include:

  • Upholding the development of the economy as the centre.
  • Upholding the deepening of reform and expansion of opening.
  • Pragmatic protection of asset rights.
  • Maintaining economic operation within a rational range.
  • Maintaining stable operation of capital markets.

The FSDC committed to supporting the fund-raising of Chinese companies in overseas capital markets, and in the US in particular.

“At present Chinese and US regulatory agencies are maintaining excellent communication, and have achieved positive progress,” said the FSDC.

“We are currently striving to form a concrete cooperative plan…the Chinese government continues to support the offshore listing of various types of companies.”

The FSDC also flagged its commitment to ongoing reform of the financial activities of Chinese Internet giants such as Ant Group and Tencent.

“[We will] drive the completion of work for the reform of large-scale platform companies as soon as possible,” said the FSDC.

“We need to effectively establish red lights and green lights, expedite the stable healthy development of the platform economy, and raise its international competitiveness.”