Alibaba CEO tells shareholders that record antitrust fine made it ‘more thoughtful’ about its responsibilities
- Daniel Zhang Yong, chairman and CEO of Alibaba Group Holding, told shareholders that internet platform businesses share similarities with society at large
- Zhang’s remarks come as the country’s technology firms are under scrutiny by both Beijing and society at large for putting profits before social responsibility
“Internet platform businesses inherently share common characteristics with society,” Zhang said in a letter to shareholders on Tuesday. “We need to give more thought towards the positive value being created for society; addressing challenges related to essential technology; supporting the development of rural revitalisation; becoming more environmentally friendly and sustainable.”
Zhang’s remarks come as the country’s technology firms are under scrutiny by both Beijing and society at large for putting profits before social responsibility.
The almost continuous crackdown on China’s tech industry from different government bodies seems to be getting worse.
The Ministry of Industry and Information Technology (MIIT), one of China’s top government bodies responsible for regulating the tech industry, has begun a six-month campaign to address the “tough problems” of the internet industry, including disturbing market order, infringing users’ rights, threatening data security and unauthorised internet connects, the ministry said in a notice published to its website on Monday.