China’s internet sector wins state backing

Chinese e-commerce and online finance will see a boost from increased state interest in the internet sector.

Premier Li Keqiang laid out the country’s new ‘Internet Plus’ strategy at the opening of China’s annual parliamentary meeting in Beijing, Reuters reported. The new project will see the government promote cloud computing, online banking, mobile internet, along with logistics to help e-commerce expansion.

While China already has a 40 billion yuan ($6.38 billion) government fund in place for investment in emerging industries, Li called for further state investment in the internet sector. The world’s second largest economy must boost the technology industry to counteract slowing growth, he added.

E-commerce giant Alibaba, social networking firm Tencent and online search provider Baidu have all stepped into the online finance industry, creating a mixed bag of new financial providers and e-commerce companies all eyeing international expansion.

Related reading

Leave a comment