To address profits inequality, China teaches billionaires lesson in generosity

As the Chinese government seeks to close the gap between rich and poor, Chinese billionaires must find a spirit of charity, Al Jazeera and other media reported.

The Chinese government has strong influence over the country's political economy and has warned the government that recent economic inequality could threaten the CCP's power.

As the Chinese government seeks to close the gap between rich and poor, Chinese billionaires must find a spirit of charity, Al Jazeera and other media reported. According to the Hurun's Global Wealth List for 2021, China has 1,058 billionaires, more than any other country in the world, including the United States. As the super-rich countries grew rapidly, income inequality increased sharply, and communist governments forced billionaires to donate to a wide variety of purposes.

In June, Wang Xing, founder of food giant Meituan, donated nearly $ 2.27 billion in stock to private charities to support research and education. In March, Colin Huang, founder of e-commerce giant Pinduoduo, announced his retirement after investing 2.37% of his $ 1.85 billion in education-related stocks last year.

He Xiangjian of Midea Appliance Empire and Xu Jiayin of Evergrande Real Estate Empire also donated approximately $ 975 million and $ 370 million, respectively, to poverty alleviation, medical and cultural programs. In May, ByteDance founder Zhang Yiming donated about $ 77 million to education in his hometown of Longyan, Fujian Province.

Western philanthropy began in China 10 years ago, said Ming Zhou, director of the University of California's Asia Pacific Center. In 2010, American billionaires Warren Buffett and Bill Gates visited China for charity. During the trip, they praised the actions of the Chinese government, Zhou said.

The Chinese government has strong influence over the country's political economy and has warned the government that recent economic inequality could threaten the CCP's power. Measures to coerce billionaires into such actions were taken due to the fact that the Chinese government put businesses under the control of antitrust authorities.

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