Investment plan

Tencent Announces 50 Billion Yuan Social Charity Investment Plan

A Tencent office building in Shanghai on Monday. [Photo/Agencies]

A “long-term and constant” effort to “leverage technology to help society grow”

Tencent Holdings Ltd announced a plan to double its fund for charitable social causes in an effort to help promote “common prosperity” in China.

Internet giant invests an additional 50 billion yuan ($ 7.7 billion) to support everything from rural revitalization to improving the efficiency of the rural economy, to increasing people’s incomes low-income, funding inclusive education programs and other measures to improve social equity, the company said Thursday via its official WeChat channel.

This latest move, which Tencent has pledged to be “long-term and consistent,” comes on top of a 50 billion yuan pledge in April for the “Sustainable Innovations for Social Value” program, which is dedicated to science. fundamentals, educational innovation, carbon neutrality, food / energy / water supply, and technology for the elderly and the digitization of public welfare.

In a press release, Tencent said the efforts “underscored its initiatives in China’s wealth redistribution campaign and its constant exploration to improve social welfare and contribute to common prosperity.”

Tencent’s new initiatives mark a proactive response to the country’s development strategy. The recently convened 10th meeting of the Central Committee for Financial and Economic Affairs shone the spotlight on the country’s pursuit of common prosperity.

The meeting participants encouraged some people to become prosperous first, and then to help others to become rich later. They also called for the creation of conditions and opportunities for more people to develop and become prosperous.

“As a Chinese tech company growing in the wave of reform and opening up, we are constantly thinking about how we can leverage our own technological and digital capabilities to help the company grow,” the statement said. of the society.

He described two parallel development paths: exploring future and unknown areas to help strengthen China’s long-term sustainable development, and training packages on social inclusion, using technologies to improve lives. of more people by improving well-being and creating opportunities.

He is committed to playing the role of ‘connector’, connecting more ecosystem partners, government departments and various social forces to engage in inclusive social causes.

Tencent has spared no effort in its social efforts. The invention of a smart phone-based digital health code embodies its dual effort of tackling the COVID-19 pandemic and building smart cities, he said. In August, Tencent also reduced the play time of its iconic game title Honor of Kings for minors.

It has taken the first steps in optimizing its philanthropic platform where some 20,000 public social protection organizations have set foot, encouraging emergency relief efforts, creating laboratories for rural development, carbon neutrality , basic disciplinary research and technology products for the elderly.

“A great internet business isn’t just an innovative business that uses big data, artificial intelligence, 5G, cloud computing, blockchain and other new technologies to lead a new business model. takes on social responsibilities, ”said Tian Feng, a researcher at the National Institute of Social Development of the Chinese Academy of Social Sciences.

Tencent on Wednesday announced a 29% increase in second-quarter profits to 42.6 billion yuan, while revenues climbed 20% to 138.3 billion yuan.

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