Xi Jinping, China's president, attends a session at the Group of 20 (G-20) summit in Osaka, Japan, on Saturday, June 29, 2019. Disputes over wording on climate change and trade are unresolved shortly before Group of 20 leaders are due to release a communique from their summit in Japan, raising the risk of a very watered-down document or no statement at all. Photographer: Kazuhiro Nogi/Pool via Bloomberg
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Financial Times perspective: Xi ending China’s “Gilded Age”
"Beijing's reforms that are hitting companies like Tencent are designed to ease social tensions, bolster legitimacy of communist rule."
Below, you'll find an excellent piece on developments in China by the FT's James Kynge. It's required reading for anyone still doubting the impact of Beijing's new "Common Prosperity" strategy on Chinese companies. Including Tencent, the Hong Kong-listed giant which determines the value of Naspers/Prosus shares. Last week Tencent signalled its unquestioning compliance through a $7.7bn "donation" to the Common Prosperity agenda. As Naspers/Prosus owns 29% of Tencent, it is sobering to consider their share of the contribution was an eye-watering R34bn. Sadly, it's just the start. – Alec Hogg
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