18/05/22

'Common Prosperity' In China: What Does It Mean For Philanthropy?

'Common prosperity' and 'third distribution' are two buzz words in China right now, after president Xi Jinping spelt out his vision in August 2021 for a new policy push to address the wealth gap in the country, encouraging high-income individuals and corporates to "give back more to society". Since then, the interest in philanthropy in China has grown significantly, with billions being donated by the country's leading entrepreneurs. So what is the potential of this policy for the development of philanthropy both within China and by Chinese philanthropists?

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