Beijing authorities have encouraged companies to use their wealth to reduce inequality in the world’s second-largest economy. Other large Chinese companies have made similar promises, such as Tencent Holdings, which has also pledged 100 billion yuan and Geely Automobile.
According to the Zhejiang News government, Alibaba’s funds will go to areas such as SME subsidies and improved insurance coverage for workers in the gig economy (informal economy – no.) Such as couriers working for delivery companies. Alibaba will also develop a “development fund for common prosperity” worth 20 billion yuan, according to Zhejiang News, a report also confirmed by Alibaba.
Through this initiative, Alibaba joins a growing list of companies in the technology sector that have promised to give back some of the fortunes accumulated during the boom of the Internet sector, notes Reuters, taken over by agerpres.ro.
At least 73 companies, including Chinese insurance giant Ping An Insurance, food delivery giant Meituan and state-owned bank Bank of China Ltd., have used the slogan “common prosperity” in statements to shareholders on stock exchanges. in Hong Kong, Shanghai and Shenzhen in the past two weeks.
The “common prosperity” initiative promoted by President Xi Jinping, aimed at reducing the wealth gap in China, has sent a shock wave across the economy, triggering massive stock market sales and significant charitable donations from Chinese billionaires. At a meeting Monday, President Xi Jinping explicitly urged Chinese officials to “urge companies to submit to party leadership” as reforms are introduced that will change the next decade.
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