Chinese companies are eager to accept Xi Jinping’s “common prosperity” slogan, East Asian news and headlines

BEIJING (Bloomberg)-As the private sector seeks to align with China’s campaign to reduce wealth inequality, dozens of listed Chinese companies have named Chairman Xi Jinping’s “shared prosperity” initiatives in their earnings reports.

At least 73 companies, including China’s largest insurance company Ping An Insurance (Group), food delivery giant Meituan, and state-owned Bank of China, have used this flagship slogan in their shareholder statements to the Hong Kong, Shanghai, and Shenzhen stock exchanges. Two weeks ending August 31. Although this accounts for less than 2% of the more than 4,000 applications surveyed by Bloomberg News, it includes some of the most influential companies in the country.

Xi Jinping’s efforts to narrow the gap between the rich and the poor have brought shock waves to the economy, triggered a market sell-off, and triggered a large number of charitable donations from Chinese billionaires.

A meeting hosted by the President of China on Monday (August 31) clearly called on officials to “supervise and urge companies to obey the party’s leadership” because reforms are unfolding.

As part of Xi Jinping’s reforms, Meituan is one of the companies facing increasingly strict regulatory scrutiny. The company stated in its filing that China’s largest food delivery company will “promote the common prosperity of the greater society.”

On Monday’s earnings call, the company’s founder, Wang Xing, explained that Meituan’s name literally translates to “better together,” indicating that common prosperity is in its DNA. He also said that during the antitrust investigation of its operations, the company may face huge fines.

The real estate service company Greentown Service Group announced in its report an employee prosperity plan. Bottle manufacturer Zhejiang Hals Vacuum Container said the slogan would help develop the market, but did not elaborate on how.

Some companies cited terms related to China’s rural revitalization, and some companies included them in environmental, social, and governance goals. Other people’s favorite slogans to Xi Jinping are more than just lip service.

The fast-rising e-commerce giant Pinduoduo is now challenging Alibaba in rural areas, even promising to use its next US$1.5 billion (S$2 billion) in profits for farmers’ welfare.

Tencent Holdings, China’s most valuable company, said last month that it would double its funds allocated to social responsibility projects to approximately US$15 billion.

Xi Jinping has re-accepted the common prosperity slogan dating back to the beginning of the Communist Party, and is pushing for a series of economic policies that are expected to shape the next decade.

Last year, Xi Jinping promised to “make substantial progress in common prosperity” by 2035-when China’s goal is to achieve “socialist modernization” and double the size of its economy from 2020.