WUZHEN, China (Reuters) – Chinese technology executives, facing a crackdown (https://www.reuters.com/world/china/china-crackdown-wipes-hundreds-billions-off-top-companies-values-2021-09-13) by the authorities, pledged support on Sunday for Beijing’s “common prosperity” drive and to help smaller companies.

Alibaba (NYSE:) Group CEO Daniel Zhang, a prime target (https://www.reuters.com/business/media-telecom/crackdown-hit-alibaba-divest-5-stake-chinese-broadcaster-2021-09-24) of the broad crackdown, told a conference organised by China’s top internet regulator that his company’s $15 billion plan to boost common prosperity in China was “steadily advancing”.

Zhang stated that China’s definition of common prosperity is the narrowing of the income gap. He stressed the importance to support local talent and teach people to fish.

Cyberspace Administration of China organized the World Internet Conference in Wuzhen (east China). The Cyberspace Administration of China organizes the conference. In past years, it has attracted such high-profile foreign executives like Sundar Pichai and Tim Cook. But this year’s overseas attendance is affected by COVID-19 protocol and deteriorating U.S.-China relations.

Qualcomm (NASDAQ:) Inc CEO Cristiano Amon, Intel Corp (NASDAQ:) CEO Patrick Gelsinger and Tesla (NASDAQ:) Inc founder Elon Musk provided taped remarks.

China’s crackdown on regulatory issues has affected a range of sectors, including cryptocurrencies, the internet and entertainment. Elon Musk, the founder of Tesla (NASDAQ:) Inc, gave taped remarks.

Alibaba’s financial affiliate was stopped and the giant of e-commerce was penalized a record $2.75 each for anti-competitive behavior.

Although the crackdown was not directly addressed by policymakers or executives, Liu He, China’s vice-premier, stated that sometimes the digital economy can stifle innovation. After President Xi Jinping made public use of the phrase, “Common prosperity” has been reintroduced as a slogan.

Lei Jun (OTC) Corp CEO called for large tech companies and organizations to assist more small- and mid-sized firms. She said they would not allow “any group to fall behind”.

The founder partner of Sequoia Capital China and ByteDance, Neil Shen praised the plan for a Beijing tech bourse as a way to help smaller companies in videotaped remarks.