Alibaba Fintech Affiliate Ant Highlighted Shining Prospects Of Domestic Private Sector Backed By Government Support

Alibaba Group Holding Ltd's BABA fintech affiliate Ant Group post its business overhaul, shared a positive outlook for China's private sector, highlighting the fintech giant's role in boosting the country's economy.
Ant Chair Eric Jing said the fintech firm could play a more significant role in China's economy amid strong support from Beijing for the private sector, the SCMP reports.
Ant expressed conviction in creating more excellent value in leading development, creating jobs, and international competition.
Jing said Ant would focus on improving the digitalization of small and micro enterprises.
Ant moved into the final stages of a lengthy restructuring process that has further distanced itself from parent Alibaba after tightening regulations in late 2020 after China shelved its initial public offering at the last minute.
Beijing signaled a more positive stance on the company, and Ant won regulatory approval to expand the capital base at its consumer credit unit, Chongqing Ant Consumer Finance.
Alibaba Chair and CEO Daniel Zhang echoed similar sentiments after bearing the brunt of the regulatory crackdown, including a hefty fine for monopolistic practices.
In January, executives from 21 private-sector Chinese companies, including Alibaba, lauded their confidence in the nation's economy in an unparalleled program aired by China's state broadcaster.
The program underscored Chinese President Xi Jinping's message during last year's party congress that the ruling Communist Party will "unwaveringly" support the private sector, a promise stressed further at a critical economic work conference at the end of 2022.
Price Action: BABA shares traded lower by 0.80% at $108.86 premarket on the last check Friday.

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