FirstFT: China pledges to support tech companies after market rout

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China’s top economic official met with dozens of industry leaders and experts on Tuesday, pledging to “support” tech companies amid a deepening economic crisis.

Liu He, vice premier and closest economic adviser to President Xi Jinping, said China “must support the platform economy and support the healthy development of the private economy.”

He added that China should better “balance the relationship between the government and the market and help digital companies get listed on domestic and foreign stock exchanges”, according to state media.

Video footage from state broadcaster CCTV showed Baidu founder Robin Li and Qihoo 360 founder Zhou Hongyi at the meeting.

Markets were watching closely for news of the meeting hosted by China’s top political advisory body in hopes it could signal an end to Beijing’s regulatory crackdown on internet companies.

“It is not correct to say that the repression will ‘end’, how can it end?” said an investment manager at a leading Chinese technology company, adding that Liu’s remarks had only served to stabilize market expectations.

Thanks for reading FirstFT Asia. Email me at [email protected]. Here’s the rest of today’s news — Emily

1. Musk raised the prospect of a Twitter takeover as early as March More than a week before Elon Musk’s initial 9.2% stake was disclosed as a passive stake and more than two weeks before going public with a hostile $44 billion bid, the billionaire had already led several days of negotiations to join Twitter’s board and had begun discussing a takeover as early as March 27, according to new documents.

2. US accused of undermining Taiwan’s defenses

3. Biden visits Buffalo after racially charged shooting US President Joe Biden has denounced white supremacy as a “poison” running through US politics after he blamed a “hateful and evil ideology” for the fatal racially motivated mass shooting at a supermarket in Buffalo, New York.

Mourners comfort the family of Ruth Whitfield, 86, one of those killed in the Buffalo shooting © Scott Olson/Getty Images

4. Powell says the Fed will continue to tighten Chairman Jay Powell has said the Federal Reserve will continue to tighten monetary policy until it sees ‘clear and convincing’ evidence that inflation is moving back towards the central bank’s long-standing 2% target. .

5. Indian insurer LIC slips on historic stock market debut Life Insurance Corporation shares fell more than 8% in their trading debut on Tuesday as India’s biggest initial public offering landed at a turbulent time for global asset markets.

The latest news from the war in Ukraine

The day ahead

Japan’s GDP and industrial production data First quarter gross domestic product and industrial production figures are expected to be released. The Japanese economy grew by 5.4% in the fourth quarter of 2021 after the easing of Covid restrictions.

G7 Development Ministers Meeting Officials will meet in Berlin on Wednesday.

Join us in person or online at FT Business of Luxury Summit May 18-20 to hear from luxury leaders like British Vogue, Valentino, Zegna and YSL.

What else we read

Biden’s China strategy can’t work with weapons alone The asymmetry of Biden’s China policy increases the danger of what everyone fears – conflict with China, writes Edward Luce. A superpower that is happy to discuss military aid and armaments, but reluctant to talk about trade and investment, tells its partners and enemies that it speaks only one language.

Kishida seeks to awaken ‘animal spirits’ in Japan’s start-up scene As Prime Minister Fumio Kishida tries to revitalize Japanese capitalism, the local start-up scene will be a starting point. But the challenges aren’t just financial — they also include the deep cultural forces behind Japan’s risk aversion, writes Tokyo correspondent Antoni Slodkowski.

Fumio Kishida'

Fumio Kishida’s government is taking a more proactive stance to foster innovation. The Prime Minister has said he wants some of the money from Japan’s massive 200 billion yen government pension fund to go to start-ups © Bloomberg

The Penguin Book of Indian Poets – a feast of literature It is a universally accepted truth in India that while novelists can win accolades, great advances and glittering trophies, poets are the monarchs of literature. And The Penguin Book of Indian Poetsan anthology of poems exclusively written in English, is vast in scope and ambition.

New York mayor urges JPMorgan chief to take subway to work “We tell our business leaders, ‘Hey, get on the train!’ said Eric Adams in an interview with the Financial Times. “We have to announce that New York is back.” Only about 40% of workers have returned to New York offices despite repeated urgings from the mayor, posing a serious threat to the city’s economic livelihoods.

NBA expands global reach with international stars Serbian Nikola Jokić became the fourth foreign-born player to win the United States National Basketball Association’s Most Valuable Player award last week. The success of international players is the result of a decades-long effort by American sports to build fanbases overseas.

food drink

Let the drinks menu at Plaza Khao Gaeng, chef Luke Farrell’s new southern Thai cantina at London’s Arcade Food Hall, transport you to Southeast Asia as you sip cafea yen (iced coffee, condensed milk , evaporated milk), cha yen (iced black tea, condensed milk) or cha kieow yen (iced green tea, condensed milk and liquid cream).

Cafea yen thai coffee

Cafea yen Thai coffee © Plaza Khao Gaeng

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