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China’s tech giants invest in ‘common prosperity’

Alibaba, Tencent, and other major corporations came under heightened scrutiny by Beijing regulators. They are trying to win back the favor of President Xi Jinping with donations worth billions. The latter wants to redistribute wealth with a major campaign. Some economists warn that he could push it too far.

China’s tech giants are currently in a hurry to get donations out to the people. Last week, Alibaba raised the bar to a whole new level: the online retailer announced donations of 100 billion yuan, the equivalent of about 13 billion euros, to charity over the next five years. The sum is equivalent to around two-thirds of Alibaba’s latest annual profit.

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