Tencent dangles billions in aid as antitrust scrutiny grows
Pony Ma’s company will spend $7.7 billion to help society
Tencent Holdings Ltd. founder Pony Ma pledged $7.7 billion toward curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on internet giants.
The billionaire chief executive officer on Monday pledged to set aside 50 billion yuan for a “sustainable social values” program, in what would be one of China’s largest corporate philanthropic initiatives. Tencent promised to tackle a plethora of issues from renewable energy and scientific education to health care and rural revitalisation a centerpiece of Xi’s over-arching policy framework. The gaming and social media giant intends to fold its existing foundation and philanthropic activity into a new unit to oversee the initiative, which also encompasses carbon neutrality, the provision of food, water and energy, and general
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CX Daily: Zhou Xiaochuan on the Challenges of Taxing the Digital Economy
Digital services tax /
Along with many of the world’s nations, China faces difficult and delicate decisions around
taxation of internet giants and fairness in an increasingly global digital economy, according to Zhou Xiaochuan, former governor of the People’s Bank of China (PBOC) and current president of the China Society for Finance and Banking, a PBOC-managed financial research institution.
On the one hand, advocates of a global digital services tax (DST) framework argue that multinational corporations shouldn’t be allowed to extract massive, tax-free profits from digital consuming countries. On the other hand, setting up a multilateral framework has repeatedly run into roadblocks amid rising protectionism and unilateralism.