
Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
September 7, 2021: -Alibaba is planning to invest 100 billion yuan over the next few years into “common prosperity” initiatives, joining a chorus of technology giants pouring money into President Xi Jinping’s goal to spread the wealth.
The Chinese e-commerce giant will put the money into ten initiatives, including technology innovation, economic development, high-quality job creation, and supporting vulnerable groups.
In the previous month, xi called for the “reasonable adjustment of excessive incomes” and encouraged high-income groups and businesses to “return more to society.”
“Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years. We strongly believe that if society is doing well and the economy is doing well, then Alibaba will do well,” said Alibaba CEO Daniel Zhang.
“We are eager to do our part to support the realization of common prosperity through high-quality development.”
The call for shared prosperity, the government’s push toward moderate wealth for all, has been answered by technology giants currently under intense scrutiny from Beijing.
China has introduced a slew of regulations around anti-monopoly and data security and protection.
Regulators have also fined Alibaba $2.8 billion in an anti-monopoly probe, dramatically cut the time under-18s are allowed to play online games and opened a cybersecurity probe into ride-hailing giant Didi days after its U.S. IPO. There are many other actions too.
Last month, Tencent said it would double its money toward social initiatives to 100 billion yuan. The funds will go toward areas including rural revitalization and helping grow earnings for low-income groups.
Tencent said at the time that its actions were a proactive response to the “national strategy.” The gaming and social media company said it’s clear “we should promote common prosperity in stages” and allow some people to get rich first, then help others get wealthy.
China’s high-profile technology CEOs and founders have also pledged individual sums of money.
Pinduoduo founder Colin Huang, Meituan’s Wang Xing, and Xiaomi’s Lei Jun have collectively donated billions of dollars to social causes.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
Companies invest millions in leadership development, yet many of their best executives leave within a few years. Why?
The most successful business leaders don’t just identify gaps in the market; they anticipate future needs before anyone else.
With technological advancements, shifting consumer expectations, and global interconnectedness, the role of business leaders
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
In the fast-paced business world, corporate leaders often find themselves at the crossroads of risk and reward, where bold decisions …
April 23, 2025: The Canadian government has introduced new legislation to regulate the use of artificial intelligence in education and healthcare, focusing on accountability,
April 17, 2025: Prime Minister Justin Trudeau s government is under growing political pressure over its current immigration strategy.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
April 15, 2025: Multiple wildfires burning across northern and central Alberta have triggered large-scale evacuations.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you