Alibaba Group Holding Limited BABA stock is trading higher Friday as China's 31-point plan vows bigger, better, and more robust support for private firms.
Beijing showcased policy solutions and promised political backing for private firms.
The new action plan touches on widely concerning issues like market entry, fair competition, financing support, payment defaults, intellectual property rights, and legal protection, SCMP reports.
The move followed China's lackluster second-quarter gross domestic product (GDP) growth of just 0.8% versus the first quarter, spurring fears of the national economy losing steam.
China left its benchmark lending rates intact, following a hold of policy rates in July.
Meanwhile, Alibaba remains focused on its generative AI endeavors and organizational restructuring to unlock higher shareholder value.
Chinese ETFs IShares China Large-Cap ETF FXI, KraneShares Trust KraneShares CSI China Internet ETF KWEB are trading higher Friday.
Price Action: BABA shares traded higher by 1.66% at $93.43 premarket on the last check Friday.
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