The Giving Pledge and China’s Billionaires

December 30, 2010 at 7:00 PM

Red China’s official press agency reviews philanthropy by China’s super-rich in 2010.

In June, [Bill Gates and Warren Buffett] succeeded in convincing 40 wealthy individuals and their families in the United States to hand over more than half of their fortunes to a charitable cause as part of ‘The Giving Pledge’ project.

Soon after their giving promotion in the United States, they smiled and waved to China, an economically booming country with fast growing groups of newly wealthy people.

(That last paragraph sounds like an official state press agency at work, doesn’t it?)

The article highlights some specific Chinese donors, noting a few who made Barron’s list of most effective philanthropists in 2010. However, the report argues that while China’s philanthropists have entered the modern era, the legal structure and transparency required still lags. As one interviewee says, “the spring of China’s charity cause has arrived. It is not yet summer.”

Only 25 percent of the charity organizations in China were transparent in releasing information to the public, said a survey released by the China Charity & Donation Information Center at the end of 2010.

The survey also said that nearly 90 percent of people who were interviewed had not received feedback information about the use of their donations, which aroused discontentment among the social charity organizations.

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Entry filed under: Big Donors, International.

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