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Alibaba Group Holding Ltd (NYSE:BABA) shares are trading higher Monday after the Chinese government said it would focus on business-friendly policies to boost the economy in 2023.
What Happened: At a central economic work conference in China that concluded Friday, President Xi Jinping and other senior officials pledged to focus on boosting the Chinese economy in 2023, per Bloomberg.
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The main focus will be increasing the country's gross domestic product. Officials are reportedly targeting 5% growth or more. Chinese officials also said they will implement new policies to support growth of private enterprises.
According to seperate reports, Yi Lianhong, who was named top communist party official in Zhejiang this month, visited Alibaba over the weekend. The new secretary of Zhejiang reportedly urged the company to be a leader in innovation.
Related Link: China Expresses Solidarity With Alibaba For First Time Since Two Years Of Crackdown
The report indicates that Yi is the first senior Chinese government official to visit Alibaba since antitrust investigations began more than two years ago.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.
The stock was up 3.03% at $89.42 at time of publication, according to Benzinga Pro.
Photo: courtesy of Alibaba.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.