Alibaba, along with other e-commerce firms, will be getting China's support in the industry's global expansion plans. (Photo : Reuters)
Premier Li Keqiang said on Thursday that China has decided to back e-commerce development and guide the country’s Internet companies in their plan to expand globally.
The statement was disclosed in an endorsement for e-commerce firms such as Alibaba Group Holding Ltd. and JD.com, Inc.
During the annual parliamentary meeting in Beijing, Li introduced the "Internet Plus" strategy. This is aimed at promoting Web-based technology such as cloud computing, mobile Internet, online banking, and logistics aiding e-commerce expansion.
Moreover, the premier has called for more state investment in the continually booming Internet sector.
"In addition to the 40 billion yuan ($6.38 billion) government fund already in place for investment in China's emerging industries, more funds need to be raised for promoting business development and innovation," Li remarked.
The strategy is seen to be significantly beneficial to China's biggest e-commerce firms. Currently, Alibaba is regarded as the world's leading e-commerce company.
Other firms which will also benefit from Li's support, including the social network and entertainment giant Tencent Holdings Ltd. and search engine company Baidu. Inc. Both have also been venturing into the global market.
Another set of beneficiaries and gain-takers include huge logistics and local delivery firms like China Cosco, Sinotrans and China Shipping Container lines.
In a separate annual report, the National Development and Reform Commission also emphasized the need to enhance the technology industry. The commission stressed that the government should delve into this aspect especially at a time of economic growth slowdown and China's transition from being a manufacturing into a consumption-based economy.
Li stated that China eyes this year's economic growth to be at around 7 percent.
