Chinese online retailers jump to join Xi’s “common prosperity” campaign
JD.com is cutting some executive salaries by up to 20 percent and is creating a CNY 1.4 billion (USD 200 million, EUR 189 million) employee benefits fund in an effort to align itself with China President Xi Jinping’s “common prosperity” campaign to reduce inequality.
The move is significant in light of recent regulatory moves by Beijing against key Chinese Internet economy companies, in part to establish state control over data while also curbing monopolistic behavior. The resulting fall in the share price of Chinese tech firms has reduced companies’ room to invest in expanding their sales networks.
China’s e-commerce players are in an increasingly fierce battle for market share, with seafood playing an outsized role, but the sector is facing plummeting consumer confidence in China, according to new research by Morning Consult ...
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