The sentence is kind of a poorly-written mess, so it's little wonder it's hard to understand. Understanding the meaning of these two separate terms helps:
To "engage" someone can variously mean to converse with them, to connect with them, or to work with and motivate them. Your example sentence uses this last meaning.
The grant is meant to inspire and engage young artists, to allow them to pursue their passion.
To "empower" someone is a relative recent (mid-1980s) expression meaning "to give someone the feeling of power and self-worth".
The program helps empower children from disadvantaged families to complete their high school education and go on to get college degrees.
These can be used together in a more graceful way:
Renowned Chinese singer and actor Wang Yuan ... will use his widespread influence to engage and empower children and young people, to strive to be best they can possibly be.
Of course, these can just be buzzwords that sound nice but have have no real practical application. Government announcements from any country often include bold proclamations but achieve unremarkable results.