Chinese Big Tech Companies "Support Xi Jinping's Common Prosperity Theory"

Chairman Zhang Yong of Alibaba Group
[Photo by Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Chinese big tech companies have publicly supported President Xi Jinping's common prosperity theory. The common prosperity theory is an economic policy emphasized by the Chinese Communist Party leadership that stresses redistribution while strengthening regulations on large technology companies.

According to the South China Morning Post (SCMP) in Hong Kong on the 27th, Alibaba Group Chairman Daniel Zhang and Xiaomi Chairman Lei Jun, among others, pledged support for the common prosperity theory and support for small and medium-sized enterprises (SMEs) at the World Internet Conference (WIC) hosted by the government the previous day.

Alibaba's Chairman Zhang said, "Platform companies should help address public and government concerns regarding user privacy protection and data security," and promised support for SMEs.

Xiaomi's Lei Jun said, "Companies are also part of society," adding, "Large companies must demonstrate creativity to help small companies develop quickly and soundly."

This year at WIC, Liu He, the Vice Premier known as "Xi Jinping's economic adviser," sent a video message emphasizing the Chinese government's efforts to activate the digital economy and strengthen digital security. Elon Musk, CEO of the American electric vehicle company Tesla, delivered the keynote speech via video.

China has been holding the WIC annually since 2014. WIC is an international event hosted by China to enhance its status as an information technology powerhouse, and before the COVID-19 pandemic, it attracted large attendance from governments and industry officials worldwide.