China’s tech giants pour billions into Xi’s imaginative and prescient of “shared prosperity”
The facade of Alibaba’s Wangjing office in Beijing on December 24, 2020.
Cost photo | Barcroft Media | Getty Images
GUANGZHOU, China – Alibaba will invest 100 billion yuan ($ 15.5 billion) in “shared prosperity” initiatives over the next few years and join a chorus of tech giants who are pouring money into President Xi Jinping’s goal of prosperity to spread.
The Chinese e-commerce giant will invest the money in 10 initiatives, including technological innovation, economic development, quality job creation and helping vulnerable groups.
Last month, Xi called for “appropriate adjustment to excessive incomes” and encouraged high-income groups and companies to “return more to society.”
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Alibaba isn’t the only internet giant backing Xi’s call for “shared prosperity.”
Last month, Tencent announced that it would double the money it invests in social initiatives to 100 billion yuan. The money will go to areas such as revitalizing rural areas and raising incomes for low-income groups.
Tencent said at the time that its actions were a proactive response to the “national strategy”. The games and social media company said it was clear “we should gradually promote common prosperity” and allow some people to get rich first and then help others get rich.
China’s high profile technology CEOs and founders have also pledged individual amounts of money.
Pinduoduo founders Colin Huang, Wang Xing from Meituan and Lei Jun from Xiaomi have jointly donated billions of dollars to charitable causes.