China's Big Tech Answers Xi’s Call For ‘Common Prosperity’ as Tencent, Meituan and Pinduoduo Launch New Initiatives

By Xinmei Shen

2021-9-1

“They’re doing this because the Chinese government is encouraging, but actually could be demanding, that large companies or wealthy entrepreneurs should proactively provide charity to the rest of the Chinese society,” said Edward Tse, founder and CEO of Gao Feng Advisory. “Whether they’re willing or unwilling, they would have to somewhat come along.”

But since the Chinese government is so far only encouraging companies and entrepreneurs to increase philanthropy, the actual impact could significantly vary depending on the companies and individuals, according to Gao Feng Advisory’s Tse.

“To what extent this would be systematically sustainable is still a big question,” Tse said.