lørdag 11. desember 2021

What is common prosperity and how is China's philanthrophic sector advancing it?

In the past months, China has demonstrated its firm commitment on the path towards “common prosperity”. China’s tech giants such as Tencent and Alibaba swiftly responded by each pledging 100 billion yuan ($15.5 billion) into sustainable social innovation, followed closely by a mobilization of the wider corporate sector and society at large. Behind this pivotal moment is China’s determination in moving towards a more inclusive and equitable economic and social system.

Common prosperity is not a new concept and has its roots in China’s modern development history. In President Xi Jinping’s article on the “concrete actions to promote common prosperity”, he described the latter as “a general concept that involves all aspects of the society, […] the common prosperity we are pursuing is for all, affluence both in material and spiritual life, but not for a small portion nor for uniform egalitarianism.” This lays down the guiding principle that China’s growth should be people centric and that in the pursue of economic development, no one should be left behind.