China's 'common prosperity' push does not mean 'killing the rich', official says

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There seems to be this idea that firms making huge profits must also be socially responsible and not prioritize and price profits above values....if they don't, then they risk having the authorities stepping in to rein them in, as in the case of China clamping down on Big Tech like Alibaba, Tencent and the tuition industry....

In the West, a similar situation can also be observed...govt have been trying to rein in the big tech companies like Facebook and Amazon for anti-competition practices and for not doing enough to stem fake news....It is thus in the advantage of firms to not just pursue profits mindlessly but also to give attention to social responsibility.....

The high cost of urban living, meanwhile, has contributed to a sharp slowdown in births, prompting China this year to allow families to have up to three children instead of two. Slowing economic growth and cut-throat competition have also prompted some young urbanites to embrace a passive attitude known as "lying flat".

"More big corporations are going to set up social responsibility funds if they have yet to do so, and the size of donations from them should increase,.."Corporates need to take bigger steps to enhance their corporate governance and social responsibility. They need to work to get ahead of the regulators."