News — ChangeLab

Alibaba will play a major role in the development of Hangzhou's platform economy in a new agreement with the local regulator

China's market regulator in Hangzhou intends to attract more "platform" companies through Alibaba Group to support growth and economic development in Zhejiang province.

Alibaba, based in Hangzhou, has a large-scale impact on the development of the city. Thanks to the company's scientific and technological developments, Hangzhou is a notable global leader in electronic payments. The city leads the Internet Finance Development Index and is regarded as one of the three largest centres of startup concentration in China.

A strategic cooperation agreement between Alibaba Group Holding Company and the local market regulator was signed on March 13 this week. At the same time, Liu Jie, a member of the PCC of Zhejiang Provincial Committee and secretary of Hangzhou Municipal Committee of the PCC, visited the Ant Group subsidiary and urged it to "show its talent," strengthen innovation, continue to improve the core competitiveness of the enterprise and develop digital commerce internationally.

Such a move is in line with the Chinese government's recent measures adopted at the last meeting of the National People's Congress to support the private sector and revive the economy after a long period of increased control of the technology sector. On the back of this news, Alibaba shares on the Hong Kong Stock Exchange rose 2.65% earlier this week.