Liu He, vice premier of the Chinese people's Political Consultative Conference on sustainable economic development, attended the special session of the National Committee of the Chinese people's Political Consultative Conference on sustainable economic development on February 17, 2025. Previously, the special research group of the Economic Committee of the CPPCC National Committee, led by Gao Yunlong, vice chairman of the CPPCC National Committee, has conducted remote video research and field research discussions in Zhejiang and Beijing respectively. Through in-depth and full exchanges and discussions with some CPPCC National Committee members, local relevant parties, enterprise representatives, experts and scholars, it provides more reference angles and samples for the pragmatic and effective holding of the meeting.
Comments: as an important economic form, the strategic position of digital economy continues to highlight. Since the 18th CPC National Congress, Xi Jinping general secretary has delivered a series of important speeches and made important instructions on promoting the sustainable and healthy development of digital economy. During the 34th collective study of the Political Bureau of the CPC Central Committee, Xi Jinping General Secretary stressed that developing the digital economy is a strategic choice to grasp the new opportunities of a new round of scientific and technological revolution and industrial reform. We should take the overall strategic situation of the great rejuvenation of the Chinese nation and the great changes not seen in the world in a century as a whole, coordinate China's two major international situations and two major events of development and security, and give full play to the advantages of Beijing Vastdata Technology Co.Ltd(603138) and rich application scenarios, Promote the deep integration of digital technology and the real economy, enable the transformation and upgrading of traditional industries, give birth to Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) new business forms and new models, and constantly strengthen, optimize and expand China's digital economy. In January 2022, Xi Jinping General Secretary published an important article in Qiushi magazine, "constantly strengthening, optimizing and expanding China's digital economy"; In February, as the first national special plan in the field of digital economy in China, the "14th five year plan" for the development of digital economy was officially released, which proposed that "by 2025, the digital economy will move towards a comprehensive expansion period, and the added value of core industries of digital economy will account for 10% of GDP". In order to really give full play to the role of digital economy in promoting high-quality development, the CPPCC National Committee took "promoting the sustainable and healthy development of digital economy" as one of the important negotiation topics in 2022, and made suggestions through a special consultation meeting on May 17, 2022. We believe that as an important economic form and a strategic opportunity to change lanes and overtake, the importance of digital economy will continue to highlight, and the industry is expected to steadily enter the fast lane of development.
As an important part of the digital economy, the platform economy is expected to continue to strengthen the value restoration of the sector. In the "14th five year plan" for e-commerce development in 2021, it is proposed to realize 46 trillion yuan of e-commerce transactions and 17 trillion yuan of national online retail sales by 2025, an increase of 24% and 45% respectively compared with 2020. On April 29, 2022, the Political Bureau of the CPC Central Committee held a meeting to emphasize "the need to promote the healthy development of the platform economy, complete the special rectification of the platform economy, implement normalized supervision, and introduce specific measures to support the standardized and healthy development of the platform economy". The executive meeting of the State Council held on May 5, 2022 once again pointed out that "specific measures to support the standardized and healthy development of the platform economy should be introduced as soon as possible". On May 16, 2022, the Party committee of the China Banking and Insurance Regulatory Commission wrote an article in Qiushi, the organ of the Central Committee of the Communist Party of China, proposing to "complete the special rectification of the platform economy, implement normalized supervision, and promote the healthy development of the platform economy". In 2021, a series of Internet strong regulatory policies were issued one after another, and the valuation of the sector continued to decline. We believe that it is mainly due to the market speculation caused by vague regulatory policies, which led to the spread of market instability. Recently, there have been many policies and statements to promote the rectification and development of the platform economy, from "strong supervision" to "promoting development". We believe that the Politburo meeting in April 2022 has positive wording and clear signal. It is the first time that specific measures to support the standardized and healthy development of the platform economy have been proposed at the highest level meeting in the economic field since the supervision of the Internet industry, indicating that the policy will stabilize and the direction and development path of supervision will be clearer in the future, It will greatly stabilize market sentiment and boost confidence in the development of platform economy. At the same time, as an important part of the digital economy, the platform economy is expected to continue to benefit from the development of the digital economy, and the repair of the value of the sector is expected to continue to increase. The current valuation has great layout value. It actively pays attention to the repair of the valuation of leading Internet companies, and recommends meituan-w, Tencent holdings, Kwai-w, Alibaba SW, bilibili.o, JD group SW, etc.
Risk warning: market supervision risk; Loss risk of new business of Internet platform; Risk of epidemic spread
