Beijing (People's Daily) - Kuaishou Technology launched the Kuaishou Social Impact Institute during an internet summit on Tuesday at 798 art district.

(Photos: Kuaishou)

Founded in 2011, Kuaishou Technology is the developer of the Kuaishou app, one of the world's leading short video social platforms boasting more than 160 million daily active users.

Hugo Award winner Hao Jingfang, Peking University professor Hu Yong, Tsinghua University professor Luo Jar-der, vice presidents from Kuaishou company, experienced users from the Kuaishou app and other scholars, and entrepreneurs attended the summit, discussing and addressing speeches on how internet techs can solve societal issues and how Internet companies can create social values.

Hu Yong, professor from Peking University, addresses a keynote speech at the summit.

A 2018 Kuaishou Social Impact Report was released at the summit unveiling practices and successful cases of the company in creating social values. Chinese Kuaishou users from impoverished rural areas, according to the report, have gained 19.3 billion yuan (2.87 billion US dollars) through selling products on the Kuaishou app in 2018.

The report also introduced several pilot programs empowering and assisting China’s farmers and rural entrepreneurs, including the "Kuaishou Rural Entrepreneurship Incubation Program" and the "Kuaishou Goods For Good Program."

The 2018 Kuaishou Social Impact Report

The newly unveiled Social Impact Institute aims to fund and further spearhead groundbreaking researches to find out how the internet can elevate worldwide impoverished communities out of poverty through means of education, entrepreneurship, and social commerce platforms.

Oxford University, the University of Birmingham, Peking University, Tsinghua University, Chinese Academy of Social Sciences and Renmin University of China are all participants of this Institute.