Alibaba join other technology giants to invest into president Xi Jinping “common prosperity” initiatives by investing 100 billion yuan.
The chinese e-commerce intends to spread the money into economic development, technology improvement, job creation and support to the less privileged.
president Xi called on high income earners to return to the society by investing in the project aimed at spreading wealth.
Also, other internet giants like tecent made contributions to the range of 100 billions. Some top Chinese highly established CEOs also pledged individual amount of money to the social course. Notable among them are Pinduoduo founder Colin Huang, Meituan’s Wang Xing, and Xiaomi’s Lei Jun, collectively donated billions of dollars.