Chinese tech moguls pledge support for Xi Jinping’s ‘common prosperity’ drive at the World Internet Conference

Some of the biggest names in China’s tech industry made an appearance at the World Internet Conference (WIC) in Wuzhen on Sunday to pledge support for the country’s “common prosperity” and small and medium-sized enterprises (SMEs) nearly a year after the government began an extensive crackdown on the sector.

In his opening speech delivered over video, Chinese Vice-Premier Liu He, Xi’s top economic adviser, emphasised the importance of supporting innovations of entrepreneurs and encouraging smaller businesses, saying the country would support the development of the internet and digital economy, according to the state-run Xinhua News Agency. These themes were echoed by tech titans vowing to do their part.

“Platform companies should stand up to help solve top concerns from the public and the government regarding corporate management, user privacy protections and data security,” said Alibaba’s Zhang, according to a transcript of his speech on the WIC’s website. “Platform economies can only sustainably develop if they are more inclusive, more fair, more standardised and allow more people and more SMEs to participate.”

The executive added that Alibaba, which owns the South China Morning Post, is already supporting SMEs and digital transformation through its platforms. Alibaba is the operator of Taobao and Tmall, two of the country’s largest e-commerce platforms.

Xiaomi’s Lei also stressed the importance of using technological development for social good. Tech companies should not let any group fall behind, he said in his speech, and should help build a good life for everyone.

“One person may go fast, but a group of people can go far,” Lei said. “Enterprises belong to society, and large enterprises should take the initiative to help smaller ones develop rapidly and healthily.”