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Chinese big tech vows to support SMEs at Wuzhen internet summit- PingWest

 2 years ago
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Chinese big tech vows to support SMEs at Wuzhen internet summit- PingWest

Chinese big tech vows to support SMEs at Wuzhen internet summit

19 hours ago

The 2021 World Internet Conference (WIC) Wuzhen Summit kicked off in Wuzhen, East China's Zhejiang province, on Sunday. "Common prosperity" and "small and medium-sized enterprises (SMEs)" have become the most frequently mentioned words in speeches by representatives from big tech companies.

Details: Themed "Towards a New Era of Digital Civilization – Building a Community with a Shared Future in Cyberspace," the WIC this year is scheduled to last three days, with both online and offline events. Senior Chinese government officials and CEOs of major tech companies attended the biggest Internet industry events in China.

At the conference, Alibaba Group CEO Daniel Zhang Yong said that the biggest value of platform economy lies in the achievement of healthy development meanwhile helping others to achieve their goals.

Only when SMEs have vitality, the online platforms could have vitality and so does the economy, Zhang said. 

The e-commerce giant was fined a record $2.75 billion for anti-competitive behavior and lately pledged a $15 billion plan to boost common prosperity in China.

Lei Jun, CEO of Chinese smartphone maker Xiaomi, also called on big tech to provide "all-process supports and help to SMEs."

Neil Shen, Founding and Managing Partner of Sequoia Capital China, said that the establishment of the Beijing Stock Exchange reflects the importance of SMEs in the national innovation system, and digital inclusion will boost the growth of SMEs.

China supports the sound development of the private economy, online and digital economy, Chinese Vice Premier Liu He said in a virtual speech at the opening ceremony of the conference.

Context: Last month, Chinese President Xi Jinping stressed efforts to promote common prosperity in the pursuit of high-quality development.

Tech giants such as Alibaba, Tencent, Xiaomi and Pinduoduo supported the call by promising to donate considerable amounts of money to society.

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