China’s humbled tech tycoons pledge allegiance to Xi’s vision

A file photo of Zhang at the 2020 World Internet Conference (WIC) in Wuzhen, China. Zhang and Tencent’s Guo on Sunday voiced their backing for Xi’s flagship goal to narrow the country’s wealth gap, at the WIC hosted in the resort town of Wuzhen from Sept 26 to 28. — Reuters

China’s embattled tech tycoons lined-up to pledge their support for President Xi Jinping’s “common prosperity” policy and market-roiling regulatory onslaught on the digital sector, at the country’s annual internet conference.

Alibaba Group Holding Ltd’s chief executive officer Daniel Zhang and Tencent Holdings Ltd’s senior vice-president Guo Kaitian on Sunday voiced their backing for Xi’s flagship goal to narrow the country’s wealth gap, at the World Internet Conference hosted in the resort town of Wuzhen from Sept 26 to 28.