Posted by A recent study conducted by flipmemes highlighted in particular, the major essence of the China’s common prosperity initiative which was initiated by the incumbent president, Xi Jinping.
According to sources, the main goal of the initiative is to spread wealth, just as the sector faces intense scrutiny from regulators.
Recently, Tech Gaint, Alibaba pledged to invest 100 billion yuan ($15.5 billion) over the next few years into the “common prosperity” initiatives.
Last month, President Xi had called for the “reasonable adjustment of excessive incomes” and encouraged high income groups and businesses to “return more to society.”
“Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years. We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well,” said Alibaba CEO Daniel Zhang.
“We are eager to do our part to support the realization of common prosperity through high-quality development.
“The call for common prosperity — the government’s push toward moderate wealth for all — has been answered by technology giants which are currently under intense regulatory scrutiny from Beijing.
China has introduced a slew of regulation around anti-monopoly and data security and protection. Regulators have also fined Alibaba $2.8 billion in an anti-monopoly probe, dramatically cut the time under-18s are allowed to play online games, and opened a cybersecurity probe into ride-hailing giant Didi days after its U.S. IPO. There have been many other actions too.