Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Chinese tech execs support 'common prosperity', helping SMEs at internet summit

Stock MarketsSep 26, 2021 03:55AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Alibaba Group CEO Daniel Zhang (Zhang Yong) speaks at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo

WUZHEN, China (Reuters) - Chinese technology executives, facing a crackdown (https://www.reuters.com/world/china/china-crackdown-wipes-hundreds-billions-off-top-companies-values-2021-09-13) by the authorities, pledged support on Sunday for Beijing's "common prosperity" drive and to help smaller companies.

Alibaba (NYSE:BABA) Group CEO Daniel Zhang, a prime target (https://www.reuters.com/business/media-telecom/crackdown-hit-alibaba-divest-5-stake-chinese-broadcaster-2021-09-24) of the broad crackdown, told a conference organised by China's top internet regulator that his company's $15 billion plan to boost common prosperity in China was "steadily advancing".

Common prosperity - China's term for narrowing the gap between rich and poor - is "not just a number", Zhang said, stressing the importance of helping local talent in poor regions to "teach a man to fish".

The World Internet Conference in Wuzhen in eastern China is organised by the Cyberspace Administration of China. The conference in the past has drawn such foreign executives as Tim Cook and Sundar Pichai, but overseas attendance was hurt this year by COVID-19 protocols and souring U.S.-China relations.

Qualcomm (NASDAQ:QCOM) Inc CEO Cristiano Amon, Intel Corp (NASDAQ:INTC) CEO Patrick Gelsinger and Tesla (NASDAQ:TSLA) Inc founder Elon Musk provided taped remarks.

China's regulatory crackdown has hit sectors from cryptocurrencies and the internet, to entertainment, education and property, wiping hundreds of billions off the market value some of its largest companies and putting investors on alert over who may be next.

The listing of Alibaba's financial affiliate was halted and the e-commerce giant was fined a record $2.75 for anti-competitive behaviour.

Policymakers and executives at the conference did not address the crackdown directly, though Liu He, China's vice premier, said the digital economy can at times stifle competition. Common prosperity has re-emerged as a slogan this year after President Xi Jinping used it in public remarks.

Xiaomi (OTC:XIACF) Corp CEO Lei Jun called on large tech companies to help more small and midsize firms, saying they must "not let any group fall behind".

In videotaped remarks, Neil Shen, the founding partner of Sequoia Capital China, which has backed tech giants such as ByteDance and Didi Global Inc, praised a planned tech bourse in Beijing as helping smaller firms.

Chinese tech execs support 'common prosperity', helping SMEs at internet summit
 

Related Articles

Boeing workers stage protest over vaccine mandate
Boeing workers stage protest over vaccine mandate By Reuters - Oct 15, 2021

By Eric M. Johnson EVERETT, Wash. (Reuters) - Waving signs like "coercion is not consent," and "stop the mandate," some 200 Boeing (NYSE:BA) Co employees and others staged a...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
David David
David9 Sep 26, 2021 9:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China is a problem solver. When they see a problem, it will get fixed. Now I understand why Buffett said, they have found their secret sauce...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email