Tencent Pledges 9 Trillion Won for Xi Jinping's 'Gongdong Buyu' Initiative

[Image source=AP Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Just one day after Chinese President Xi Jinping emphasized the new goal of "common prosperity," Tencent, one of China's leading technology companies, announced it would invest a massive 9 trillion won in related projects.

According to Zaiiljaejeong on the 19th, Tencent announced the previous day that it would inject 50 billion yuan (approximately 9 trillion won) to launch a common prosperity project.

Tencent stated that it will provide long-term support in areas such as healthcare, rural economy, and education to promote common prosperity.

Tencent said, "As a technology company that has grown amid the great trend of reform and opening up, we are constantly considering how to use our own technology and digital capabilities to help social development," adding, "We will give back to society what we have gained from it."

At the Communist Party Central Financial and Economic Affairs Commission meeting on the 17th, President Xi said, "Common prosperity is an essential requirement of socialism and an important feature of Chinese-style modernization," emphasizing, "We must adhere to a people-centered development philosophy and promote common prosperity during high-quality development."

The Chinese Communist Party announced that it will institutionally strengthen the role of distribution to achieve the goal of common prosperity. It also specifically indicated the direction that the share held by the wealthy and enterprises should be reduced to realize the goal of common prosperity.

Tencent is one of the companies under strong pressure from Chinese authorities. The authorities blocked the merger of Tencent's game live streaming platform and ordered it to give up exclusive online music rights.

This content was produced with the assistance of AI translation services.