FirstFT: China is committed to supporting technology companies after the defeat of the market

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On Tuesday, China’s top economic official met with dozens of executives and industry experts, a promise to “support” technology companies amid a deepening economic downturn.

Liu He, Vice Premier and Close Economic Adviser to President Xi Jinping, said China “should support a platform economy and support the healthy development of the private economy.”

He added that China should “better balance the relationship between government and the market, and support digital companies in listing on domestic and foreign exchanges,” state media reported.

Baidu founder Robin Li and Qihoo 360 founder Zhou Hongyi are seen in a video from the state-run CCTV.

Markets closely followed the news of a meeting held by China’s top political advisory body in the hope that this could signal a halt to Beijing’s regulatory regulation of Internet companies.

“It is inaccurate to say that repression will” end “than it can end?” said the investment manager of a leading Chinese technology company, adding that Liu’s remarks only served to stabilize market expectations.

Thanks for reading FirstFT Asia. Email me firstft@ft.com. Here’s the rest of today’s news – Emily

1. Already in March, Musk spoke about the prospect of capturing Twitter More than a week before Ilona Mask’s initial stake of 9.2 percent was announced as a passive holding company, and more than two weeks before going public with a hostile offer of $ 44 billion, the billionaire was several days of negotiations have already passed about joining the Twitter board and began discussing the takeover as early as March 27, according to new documents.

2. The United States is accused of undermining Taiwan’s defenses U.S. business groups have blamed their government undermining Taiwan’s defenses only by approving the sale of arms, she said, would it be necessary for a democracy to resist a full-fledged Chinese invasion. The group’s letter underscores a growing debate among U.S. politicians and arms manufacturers about how best to help arm Taiwan.

3. Biden visits Buffalo after racial executions US President Joe Biden condemned white supremacy as “poison” goes through American politics after accusing “hateful and perverse ideology” of the deadly-motivated racial motivation of the mass shooting at a supermarket in Buffalo, New York.

Grievers comfort family of 86-year-old Ruth Whitfield, one of the victims of the Buffalo shooting © Scott Olson / Getty Images

4. Powell says the Fed will continue to tighten Chairman Jay Powell said the Federal Reserve would ccontinue to tighten monetary policy until he sees “clear and convincing” evidence that inflation is returning to the central bank’s long-standing 2 percent target.

5. Indian insurer LIC missed out on a historic stock market debut Shares in a life insurance corporation decreased by more than 8 percent on their stock market debut on Tuesday, as India’s largest primary public offering landed in turbulent times for global asset markets.

The last of the war in Ukraine

Ahead is the day

Data on Japan’s GDP and industrial production It is planned that the figures for gross domestic product and industrial production for the first quarter will be published. Japan’s economy increased by 5.4 percent in the fourth quarter of 2021 after easing restrictions on Covid.

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

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

What else are we reading

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

Kishida is trying to awaken the “beast spirit” in the Japanese startup scene As Prime Minister Fumio Kishida is trying revive Japanese capitalism, the local startup scene will be one place to start. But the problems are not only financial – they also include deep cultural forces behind Japan’s risk aversion, writes Tokyo correspondent Anthony Sladkowski.

Fumio Kishida

The government of Fumio Kishidi is taking a more active position to promote innovation. The Prime Minister has stated that he wants part of the money from the giant government pension fund of Japan in the amount of 200 tons of yen to go to startups © Bloomberg

The Penguin Book of Indian Poets is a celebration of literature In India, it is widely believed that although novelists can gain recognition, great success and brilliant trophies, poets are monarchs of literature. And A book about the penguins of Indian poetsan anthology of poems written exclusively in English is extensive in scope and ambition.

The mayor of New York is urging the head of JPMorgan to go to work in the subway “We tell our corporate leaders: “Hey, get on the train!”“We need to announce that New York is back.” Only about 40 percent of workers have returned to New York offices, despite repeated appeals from the mayor, which represents a serious threat to the economic life of the city.

The NBA is expanding its global reach with international stars Nikola Jokic of Serbia last week became the fourth foreign player to win the US National Basketball Association Award for Most Valuable Player. The success of international players is the result of a years of effort US sports to build a base of fans abroad.

Food and drink

Allow a beverage menu at Plaza Khao Gaeng, the new South Thai dining room of chef Luke Farrell at London’s Arcade Food Hall, will take you to Southeast Asia if you drink coffee yen (coffee with ice, condensed milk, condensed milk), cha yen (black ice, condensed milk) or cha kio yen (green tea, condensed milk and cream).

Cafea is a Thai coffee

Cafea Yen Thai Coffee © Plaza Khao Gaeng

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