China’s technology giants are pouring billions into Xi’s common prosperity goal

GUANGZHOU, China – Alibaba will invest 100 billion yuan ($ 15.5 billion) over the next few years in “common prosperity” initiatives, joining a chorus of technology giants that will invest money in President Xi Jinping’s goal of spreading wealth.

The Chinese e-commerce giant will allocate money to ten initiatives, such as technological innovation, economic development, high-quality job creation and support for vulnerable groups.

Last month, Xi called for “a reasonable adjustment of excessive income” and encouraged high-income groups and companies to “return more to society.”

Alibaba is not the only Internet giant that promises support for Xi’s call for “common prosperity.”

Last month, Tencent said it would double the money it spends on social initiatives to 100 billion yuan. The money will go to areas such as rural revitalization and help increase incomes for low-income groups.

Tencent then said its actions were a proactive response to the “national strategy.” The video game and social media company said it is clear that “we should promote common prosperity in stages” and allow some people to get rich first and then help others get rich.

China’s high-profile technology executives and founders have also promised individual sums of money.

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