Now that China is the 2nd largest economy on the planet, the responsibility of helping the needy has come of age.
Today, China has about 875,000 multi-millionaires – 55,000 are billionaires, the highest number after the United States.
Bill Gates and Warren Buffet are visiting Beijing to have dinner with China’s wealthy and share their passion for giving.
So far, two of China’s super rich have accepted the invitation and the central government is encouraging others to attend requesting that all of China’s billionaires donate at least one million yuan annually to charity. Source: Wall Street Journal
It is estimated that there are more than 1,800 charitable foundations across China but most are not very transparent and this breeds suspicion and distrust.
To solve that problem, Actor Jet Li’s charity is one of the co-founding organizations behind a new China Foundation Center with goals to increase the transparency of Chinese charitable groups.
The Chinese may turn to the U.S. to see how America deals with charity theft, which has been a big problem with smaller charities. Although larger charities are closely watched by the U.S. government, smaller charities often lack the financial controls to prevent theft. Source: MSNBC.com
It isn’t that the Chinese are unwilling to give. The China Daily reported that China’s top 100 philanthropists have donated $3.3 billion dollars since 2005.
After the Sichuan earthquake in 2008, individuals donated $8.9 billion, the highest level in China’s history.
The China Law Blog also had a post that said in the wake of the Sichuan earthquake, so many in China donated blood that there wasn’t enough room to store it all showing the world that when China’s government cannot handle a crises, the Chinese people will step in.
See When the Generals Laughed to discover what Chinese military did soon after the 2008 Sichuan earthquake.
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