Chinese charitable donations go overseas
Overseas charity organizations have become the main recipients of donations — in cash and shares — from Chinese individuals, according to a study.
The study by the China Philanthropy Research Institute at Beijing Normal University says that overseas charities received more than 24.4 billion yuan ($3.9 billion) in donations last year, accounting for 80 percent of total endowments from Chinese individuals.
Zhang Gaorong, assistant to the dean and research director at the institute, said the reason is likely to be that donors can avoid paying higher amounts of tax compared to giving in China.
The report revealed what it considers the top 100 mainland-based individuals who made the biggest donations last year. Jack Ma, Alibaba Group Holding Ltd's chairman, topped the list with 16.9 billion yuan worth of Alibaba shares.