China tech shares hint at economic green shoots
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China's tech companies, including Alibaba and Tencent, are reporting strong profits, suggesting that Beijing's stimulus efforts are gaining traction. While China's official GDP data shows slow growth and deflationary pressures, the surge in profits from tech giants indicates potential economic green shoots. E-commerce company Alibaba reported its biggest jump in annual growth since 2021, with net profit up 10%, while gaming giant Tencent reported a 62% surge in net profit. These positive results suggest improved confidence in the Chinese economy and efforts to address the property crisis and weak consumer prices. However, analysts caution that the broader economy's ability to turn the corner and the success of financial reforms remain uncertain.

#ChinaTechShares #ChineseEconomy #Beijing'sStimulusEfforts

https://asiatimes.com/2024/05/china-tech-shares-hint-at-economic-green-shoots/