Tencent Founder Pony Ma Expresses Support for China's Pledge to Bolster Private Sector

 
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In an unexpected and rare public statement, Tencent Holdings' co-founder and chairman, Pony Ma Huateng, has voiced his support for the Chinese government's latest economic guideline, which aims to invigorate and strengthen the country's private sector. The move comes at a crucial time for the internet industry, which has faced intense regulatory scrutiny in recent years.

The 51-year-old billionaire, known for his low-profile nature, was among the first private entrepreneurs to laud the 31-point action plan unveiled by the Chinese Communist Party and the State Council. The comprehensive document outlines policy solutions to boost the private sector and alleviate challenges faced by businesses in the country.

Shortly after the document's release, the official WeChat account of state broadcaster China Central Television published an article written by Ma, where he expressed his enthusiasm for the plan's potential impact on China's private economy development.

Acknowledging the difficulties encountered by private companies due to the pandemic and shifting economic conditions, Ma asserted that the government's latest statements had restored confidence and stability in the sector's future growth. Under the guidance of the government, internet platform companies like Tencent aim to stimulate consumption and explore new opportunities through advancements in artificial intelligence.

"We have once again seen major opportunities from the coming industrial transformation, as we are now on the cusp of a new round of technology revolution," wrote Ma, highlighting the significance of China's ongoing technological advancements and its potential for future growth.

Tencent, once on track to become Asia's first trillion-dollar company, faced a substantial setback when regulatory actions curbed its growth. With the suspension of new game approvals and fines imposed on its advertising and payment units, Tencent's growth trajectory was considerably impacted.

However, the recent fine, seen by many as the end of a harsh regulatory crackdown on the tech sector, has raised hopes for a more favorable environment for private enterprises. Premier Li Qiang's promise of regular communication between the government and internet companies further signals a friendlier stance towards the private economy.

As one of China's leading technology conglomerates, Tencent pledges to align its strategy with President Xi Jinping's common prosperity program. Ma emphasized Tencent's commitment to supporting national basic research and engaging in charitable endeavors, showcasing the company's dedication to driving technological innovation and contributing to China's development.

The support extended by prominent figures like Pony Ma, as well as other tycoons such as Xiaomi's founder Lei Jun and cybersecurity company Qihoo 360's chairman Zhou Hongyi, signals a growing optimism among private entrepreneurs regarding China's renewed commitment to the private sector.

Ma's rare public statement is likely to resonate with investors, who are eagerly awaiting concrete policy actions to solidify the government's support for the private economy. As the country navigates its economic recovery, the government's efforts to treat private companies on par with state-owned enterprises and optimize the overall development environment are being closely watched by market participants.

In conclusion, Pony Ma's backing of China's latest pledge to support the private sector underscores the significant potential for growth and innovation in the country's internet industry. As the government works towards fostering a supportive environment, private enterprises like Tencent are gearing up to play a vital role in driving technological advancements and contributing to China's economic development and prosperity.