Shared prosperity, that is the vision that has recently been echoed in China at the command of President Xi Jinping, to minimize economic inequality in the country. China's tech giants and their bosses are flocking to donate trillions.
Last month Xi Jinping made a speech that incomes that were too high had to be 'adjusted' and encouraged those with a lot of money to return more of their wealth to Chinese society.
Alibaba has just announced that it will donate $15.5 billion. The money will be used to fund 10 initiatives such as supporting economically weak communities, creating jobs and technological innovation.
"Alibaba has benefited from China's socio-economic progress in the past 22 years. We firmly believe that if society is prosperous and the economy is good, Alibaba will be good too," said Alibaba CEO, Danel Zhang.
"We are excited to do our part in supporting the realization of shared prosperity through high-quality development," added Jack Ma's successor about his efforts to support Xi Jinping's mission.
Last month, internet giant Tencent also donated roughly the same amount as Alibaba. The money will also be aimed at helping people with low incomes to be more prosperous.
"We must promote mutual prosperity gradually," said Tencent, who has made a fortune from video games to social media.
Apart from these companies, tech bosses have also donated billions of dollars to support Xi Jinping's vision. They include Xiaomi boss Lei Jun, Pinduoduo e-commerce founder Colin Huang, and Meituan boss Wang Xing.