Xi reiterates call for common prosperity as China continues targetting big tech giants

Chinese President Xi Jinping has continued to call for the common prosperity of the country's entire population amid the massive crackdown on big tech giants in China.

"China has made it clear that we strive for more visible and substantive progress in the well-rounded development of individuals and the common prosperity of the entire population," said Xi during his virtual address at the World Economic Forum's Davos Agenda on Monday.

Emphasising that China is working hard on all fronts to deliver this goal, Xi said that the common prosperity "we desire is not egalitarianism".

"To use an analogy, we will first make the pie bigger, and then divide it properly through reasonable institutional arrangements. As a rising tide lifts all boats, everyone will get a fair share from development, and development gains will benefit all our people in a more substantial and equitable way," he added.

The Chinese President also said that Beijing will stay committed to reform and opening-up. "For China, reform and opening-up is always a work in process. Whatever change in the international landscape, China will always hold high the banner of reform and opening-up. China will continue to let the market play a decisive role in resource allocation, and see to it that the government better plays its role."

It comes as China has been targetting major companies in the country by using certain regulations.

China's live-streamers harnessed e-commerce, social media and personal star power, to fuel the rise of a multibillion-dollar industry in recent years but the influencers are now targets in Chinese President Xi Jinping's "common prosperity" campaign, a wide-ranging crackdown that is bringing celebrities and Internet companies to heel in the name of addressing inequality, Washington Post had said earlier.

"Common Prosperity" is a wide-ranging crackdown that is bringing celebrities and Internet companies to heel in the name of addressing inequality. Further, it is also an effort to inject ideological rigor into the new economy after years of explosive growth and exert more control over which industries prosper as part of Chinese President Xi Jinping's economic vision. But the focus on getting people to buy as much as possible is at odds with Xi's campaign, which calls for redistributing wealth and promoting sustainability, according to The Washington Post.

( With inputs from ANI )

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