We’re in a golden era for philanthropy

YANG Yuanqiang, 63, had been suffering pain and discomfort due to the rejection and infection of a lung transplant, but he has been overjoyed by the kindness of strangers.

More than 300,000 yuan (US$44,800) has been raised for Yang from nearly 5,000 people through an online fundraising platform this March.

Philanthropy in China is expanding and evolving rapidly, as the total amount of domestic giving in China has quadrupled from 2009 to 2017, reaching US$23.4 billion, according to a recent report published by the Asian Venture Philanthropy Network, a Singapore-based social investor network.

The “Philanthropy in China” report says philanthropy in China has taken a giant leap since 2008 when an 8-magnitude earthquake hit Sichuan Province.

The accumulation of private wealth, as China shifts its economic structure and accelerates development, has boosted philanthropy across the country.

Tycoons and workers give

A total of US$3.3 billion in public donations have been made by China’s top 100 philanthropists, up 33 percent from the previous year, according to the Hurun Philanthropy List 2018.

Besides tycoons, ordinary individuals are also vital contributors.

China has more than 5,200 registered charitable organizations, according to Charity in China, an official information disclosure platform of Chinese charitable organizations.

With increasing charity, a better ecosystem for philanthropy becomes more important.

China’s Charity Law took effect in 2016 and was very effective in making philanthropy more formal as well as professional.

Tencent, which has a major online fundraising foundation in China, has set up a public fundraising organization to verify and supervise the platform, according to Zhai Hongxin, secretary-general of the Tencent Foundation.

“China has entered a golden era of philanthropy and the environment in China is good for the development of philanthropy as the country has continuously improved relative laws and regulations,” said Chen Yidan, founder of Tencent Foundation.

China’s immense strength in science and technology is also driving an increase in charitable donations.

Cutting-edge technologies, such as mobile payment and artificial intelligence, are making philanthropic donations easier and more diversified than ever before.

“With more and more young people paying attention to it, philanthropy has become a lifestyle and culture in China,” said Chen.

(Xinhua)