China’s tycoons are restructuring their charitable donations. Where is that money going?

China’s tycoons have reined in their charitable donations amid weaker-than-expected economic momentum, and among those that are still giving, many are redirecting their wealth towards advancing scientific development and supporting education. The latest example is Zhang Yiming, the 43-year-old billionaire founder of TikTok owner ByteDance, who donated 200 million yuan (US$29.5 million) to the Fangmei Charitable Fund on Tuesday. The fund was established in Zhang’s hometown of Longyan, in...