Tencent Doubles Social Aid to $15 Billion as Scrutiny Grows
- Tech giant pledges $7.7 billion to help wealth redistribution
- Company had flagged further regulations for the tech industry
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Tencent Holdings Ltd. is doubling the amount of money it’s setting aside for social responsibility programs, marking one of the largest philanthropic efforts by China’s internet giants as regulatory scrutiny intensifies.
The company on Wednesday announced it will give 50 billion yuan ($7.7 billion) to aid the government’s wealth redistribution efforts, adding to an April pledge of 50 billion yuan for a “sustainable social values” program. The new funds will be focused areas like increasing incomes for the poor, improving medical assistance, promoting rural economic efficiency and subsidizing education programs.