CHINA-ECONOMY: CHINA'S WEALTHY TECH COMPANIES BEGIN CONTRIBUTING TO "COMMON PROSPERITY" INITIATIVES
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Following Chinese President Xi Jinping's speech at a meeting of the Central Commission for
Financial and Economic Affairs (CCFEA), in which he vowed to tackle inequality and promote
“common prosperity", China's tech companies have begun funding "common prosperity"
initiatives. On September 2, the Alibaba Group Holding Ltd. pledged RMB 100 billion to fund
“common prosperity” initiatives. Earlier other wealthy tech companies like TenCent have pledged
RMB 100 billion for a raft of social responsibility programs.; Pinduoduo has pledged RMB 10
billion for farmers; and the founders of Xiaomi and Meituan both donated over RMB 10 billion in
equity shares.
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