Alibaba Group, the largest online retailer, plans to invest 1.7 trillion Japanese yen by 2025, including support for the construction of model districts that embody the philosophy of “common wealth. Tencent, the IT giant, has committed 850 billion Japanese yen to support low-income people and promote rural areas.
There is a view that this may be related to the “IT company beatdown” by the Chinese government that took place one after another between 2020 and 2021. In April 2021, “Alibaba” was fined a huge sum of about 300 billion Japanese yen for alleged violation of the Antimonopoly Law. “Tencent (Taiwan)”, whose online games, one of its revenue pillars, are now subject to government regulations restricting underage use. Given this, it is possible that the IT companies decided that it would be in their best interest to follow the “joint wealth” approach in order to avoid further pressure.
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