On Friday, China hinted an easing of its grip on the once-freewheeling digital industry as President Xi Jinping sought to support the economy in the face of growth-sapping COVID-19 lockdowns, sending shares of online giants soaring.
In a meeting presided over by Xi, China’s powerful Politburo said it will increase policy support for the world’s second-largest economy, including its so-called “platform economy,” fueling investor hopes that the worst of an unprecedented, multi-pronged crackdown that began in late 2020 may be over.