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 “
China Common Prosperity
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
Alibaba:
- Taiwan Chipmaker TSMC Becomes Asia Most Valuable Company with $560 Billion Market Value, Overtakes Tencent & Alibaba
- China Regulators Fine Tech Giants Alibaba, Tencent, Kuaishou, Weibo, Little Red Book for Content with Soft Pornography Involving Minor
- Alibaba First Quarterly Loss with $1.17 Billion Since IPO, Hit by Anti-Monopoly Fine of $2.78 Billion
- Alibaba Fined $2.78 Billion by China State Regulator for Anti-Monopoly Practices
- Chinese Government Directs Alibaba to Sell or Reduce Media Assets, Including SCMP
- Alibaba Founder Starts Wealth Management Business in Hong Kong Led by Ex-UBS Banker Cooper Liao
Related:
- China Common Prosperity: Pinduoduo Donates $1.5 Billion of Profits to Improve China Agriculture and Help Rural Communities
- China Evergrande Electric Car Share Price Falls 91% Since February 2021, Loses $82 Billion in Market Value
- China Actress Zheng Shuang to Pay $46 Million for Tax Evasion
- China President Xi Jinping to Promote Common Prosperity, Expects New Taxes & Incentives for Social Programs
- China Distressed Asset Manager China Huarong with $15.9 Billion Losses to Receive State Bailout, Citic Group Becomes Key Shareholder
- China Sentenced Former Head of ICBC Shanghai to Lifetime Imprisonment for Receiving $21 Million in Bribes
- United States SEC Increased Oversight of China Companies IPO on Stock Exchange, Disclosures & Ownership Relationships
- China Crackdown Intensify, Changes to Tech Companies & Education Sector to Non-Profit with Share Prices Dropping 40% to 80%
- China Regulators Fine Tech Giants Alibaba, Tencent, Kuaishou, Weibo, Little Red Book for Content with Soft Pornography Involving Minor
- Didi App Download Suspended in China, Faces Lawsuit for Misleading Investor
- China Increased Scrutiny on Foreign IPOs & Tech Giants, Requires Pre-Approval for Offshore IPOs
- China Authority Crackdown on Virtual Currency, Issue Warning to Financial Institutions & Businesses
- 2020 China Private Equity and Venture Capital AUM at $1.04 Trillion, Southeast Asia at $33 Billion
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