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China’s tech giants pour billions into Xi’s imaginative and prescient of ‘widespread prosperity’

The entrance of Alibaba’s Wangjing workplace in Beijing on Dec. 24, 2020.

Costfoto | Barcroft Media | Getty Pictures

GUANGZHOU, China — Alibaba will make investments 100 billion yuan ($15.5 billion) over the subsequent few years into “widespread prosperity” initiatives, becoming a member of a refrain of expertise giants pouring cash into President Xi Jinping’s aim to unfold wealth.

The Chinese language e-commerce large will put the cash into 10 initiatives together with expertise innovation, financial growth, prime quality job creation and supporting weak teams.

Final month, Xi referred to as for the “affordable adjustment of extreme incomes” and inspired excessive revenue teams and companies to “return extra to society.”

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Alibaba just isn’t the one web large pledging help for Xi’s name to “widespread prosperity.”

Final month, Tencent mentioned it could double the cash it’s placing towards social initiatives to 100 billion yuan. The cash will go towards areas together with rural revitalization and serving to develop earnings for low-income teams.

Tencent mentioned on the time that its actions have been a proactive response to the “nationwide technique.” The gaming and social media firm mentioned it is clear “we must always promote widespread prosperity in phases,” and permit some folks to get wealthy first then assist others get rich.

China’s high-profile expertise CEOs and founders have additionally pledged particular person sums of cash.

Pinduoduo founder Colin Huang, Meituan’s Wang Xing, and Xiaomi’s Lei Jun, have collectively donated billions of {dollars} to social causes.


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