Form of words:
China’s embattled tech tycoon is set to voice his support for President Xi Jinping’s “common prosperity” policy and a market-rolling regulatory attack on the digital sector at the country’s annual Internet conference.
Alibaba Group Holding Ltd Chief Executive Officer Daniel Zhang and Tencent Holdings Ltd senior vice president Guo Catian expressed their support for Xi’s major goal of bridging the country’s wealth gap at the World Internet Conference held in the resort town on Sunday. From 26 to 28 September of Wuzhen.
Xiaomi Corp. Co-founder Lei Jun said the same day that technology companies should help close the digital divide and promote small and medium-sized enterprises, two of Beijing’s long-term policy activities.
The summit comes as China’s tech giant weathers massive regulatory turmoil over everything from online gaming to data ownership and foreign financing. Alibaba and Tencent-backed food delivery giant Meituan and ride-hailing app Didi Global Inc are all under scrutiny.
The campaign to rein in the technology came after Alibaba co-founder Jack Ma penalized regulators for halting innovation last October, showing the importance of not challenging government policy on a public forum.
Eric Jing, president and CEO of Ant Group Company, said on Sunday that the recent new policy guidelines for the Internet were “important and timely, and a reminder for us in the industry not to be distracted by competition, but to return”. Rather the original intent of the Internet. “
He also reaffirmed the benefits of blockchain, saying the technology “can provide a solid foundation of trust for industry collaboration” and called on attendees to “contribute to the country’s inclusive and sustainable development.”
Kendra Schaefer, a partner at Beijing-based consultancy Trivium China, said Beijing wants all of its big tech companies to “get the message across and get on the boat of common prosperity.”
“China is not interested in developing a large tech ecosystem that it sees as the failures of Silicon Valley, but rather one built around a common purpose,” she said. “The aim is to develop China’s digital economy and serve the general population.”
Xi launched China’s annual Internet Summit to much fanfare in 2014, and Apple Inc. Industry stars such as Tim Cook of K and Sundar Pichai of Google took off for the hobby with Sugar Apprentice.
Recent events in strict pandemic border controls have limited in-person networking opportunities, with US industry leaders this year calling attention to China’s economic and social goals via video.
Tesla Inc.’s Elon Musk praised China’s new rules to strengthen data management, saying in a video message that his company localizes its China data.
Qualcomm Inc.’s Cristiano Amon praised the speed of China’s 5G rollout and urged US and Chinese companies to cooperate more, while Cisco Systems Inc.’s Chuck Robbins praised Xi’s vision of a shared cybersecurity community for the benefit of all. Told to align.
A senior official of China’s Cyber Security Administration, at the forefront of China’s technical action and the organizer of the conference, vowed to take more steps to rein in Internet companies in a speech at the summit on Monday.
Deputy Minister Sheng Ronghua pointed to concerns about self-driving vehicles, online health care and smart delivery. For example, regulation of smart delivery applications could affect Meituan, while Baidu has worked on autonomous driving and Alibaba Health Information Technology Ltd. and JD Health International Inc. do business in the online health sector.
“We want to reform the rules on the sharing economy and platform economy to safeguard their healthy development,” Sheng said. “We are also looking to set the frame for managing sectors in autonomous driving, online healthcare and smart delivery.”
Established in 2011, the once low-profile watchdog – which operates under the Central Cyberspace Affairs Commission headed by Xi – shot to prominence this year, setting new rules that mandate CAC approval for any company. who wants to go public abroad, if it has more than 1 million users.
Chinese authorities have in recent months warned against the disorderly expansion of capital into platform economies and the abrupt halt of the world’s biggest IPO as Ant undergoes a “reform” program.
In recent weeks, Ant agreed to share data from its tiny lending service with the Chinese central bank’s credit reference center, and is said to be building a separate app for its lending business and offering to state-backed investors. is bringing –bloomberg
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