Tag: donation

Tencent donates $7.7bn for “common prosperity” during China tech clampdown
Tech

Tencent donates $7.7bn for “common prosperity” during China tech clampdown

Tencent has announced that it will set aside 50bn yuan ($7.7bn) for a “common prosperity” fund. The news comes one day after President Xi Jinping made common prosperity a key economic and social goal for China. It appears that Tencent is willing to adapt to China’s changing regulatory climate. According to the statement, the fund will integrate “Tencent’s digital and technological capabilities” to provide assistance in several areas, including the development of rural regions, low-income groups, primary medical assistance and grassroots education.” In April, the social media and gaming giant, under scrutiny from regulators, had already pledged 50bn yuan to promote “sustainable social value innovation”. In total, the company has now dedicated 100bn yuan for economic and social develo...