“Alibaba would not have achieved our growth without strong government regulation and service, and the critical oversight, tolerance and support from all our constituencies have been crucial to our development. For this, we are full of gratitude and respect. “, he added. “We do not lose sight that today’s society has new expectations for platform companies, as we have to shoulder more responsibilities in the economic and social development of the nation.”
Beijing has long feared that the influence of tech companies on the financial sector could make this sector vulnerable – Ant, for example, now controls more than half of China’s mobile payments market – and officials have sought ways to rein them in. .
Other tech companies could be next in the line of fire.
“Tencent had regular meetings with regulators, and this was a regular meeting,” he said. “We discussed a wide range of topics, primarily focused on fostering innovation and creating a healthy environment for the evolution of the industry. Tencent has always and will continue to conduct its operations in accordance with the laws and regulations in force.”
— Laura He and Michelle Toh contributed reporting.
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