China's tech big business is listening to President Xi Jinping's calls for "smart adjustments to excessive incomes" and to encourage wealthy citizens to "give back to society," writes CNBC.

The largest companies actually force them to make multibillion-dollar donations and investments in various sectors of the economy.

Specifically, e-commerce giant Alibaba plans to invest 100 billion yuan ($ 15.5 billion) over the next few years. They are required to realize the idea of ​​"common prosperity". These funds will go to 10 government initiatives, including technological innovation, economic development, the creation of quality jobs, as well as support for vulnerable groups.

"Alibaba has been the beneficiary of China's significant socio-economic progress over the past 22 years. We are convinced that if both society and the economy are doing well, then Alibaba will be doing well," said CEO Daniel Zhang.

Other Chinese tech giants have also pledged to fund the government's plan.

Last month, video game maker Tencent announced plans to pay 100 billion yuan ($ 15.5 billion) to support social initiatives. This money will go towards rebuilding rural areas and increasing the incomes of the poor. The company said its actions are in response to China's "national strategy".

The founders of Pinduoduo, Meituan and Xiaomi have also donated billions of dollars in social welfare.

Interesting.