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China Common Prosperity: Alibaba Pledged $15.5 Billion to Help SMEs & Gig Economy Workers

3rd September 2021 | Hong Kong

Alibaba Group has pledged $15.5 billion (CNY 100 billion) over the next few years to help Small Medium Enterprises (SMEs), the Gig economy (delivery workers etc) and across 10 initiatives in a drive to support China Common Prosperity.  Alibaba will invest the money across 10 initiatives including technology innovation, economic development, high quality job creation and supporting vulnerable groups.  China President Xi Jinping has called for distribution of wealth and high income groups and businesses to contribute to society.  With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs.

“ Alibaba Pledged $15.5 Billion to Help SMEs & Gig Economy Workers “

 


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China Common Prosperity

Shanghai, China

China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich.  With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs. 

Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity

 

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