China’s Tech Titans Funding Beijing’s Effort to Close Income Gap
During the three-day World Internet Conference held in Wuzhen, China, this week, the country's biggest tech tycoons rushed to show their support for Beijing's "common prosperity" initiative. Their enthusiasm for the initiative comes amid a yearlong crackdown on the country's tech industry, where several high-profile companies have faced investigations and fines. Formerly high-flying celebrity CEOs are now keeping a low profile. Daniel Zhang, CEO at e-commerce giant Alibaba group, said his company's donation of $15 billion to the initiative over the next five years represented its willingness to help China achieve its goal of prosperity for all. Zhou Hongyi, billionaire entrepreneur and chairman and CEO of the country's largest Internet security firm, Qihoo 360, said his company will donate an as yet undisclosed sum to the initiative and step up…