China’s philanthropy boom
Martina Fuchs, Dr. Shirley Yu
How big is philanthropy in China?
Martina Fuchs and Dr. Shirley Yu
Dr. Shirley Yu 于泽 just got back from the Wealth & Society Summit in Shanghai and in today's episode we discuss a tectonic shift happening in the mindset of China’s wealthy and UHNWIs.
10. Dezember 2019
• China is a newcomer to global philanthropy but charitable giving is growing at an exponential rate of 20% y-y
• Charitable giving surged after the 2008 Sichuan earthquake
• The concept of philanthropy is prevalent throughout the texts of Confucius and existed in the Ming and Qing dynasties
• According to the Asian Venture Philanthropy Network (AVPN) and The Rockefeller Foundation, charitable giving in China quadrupled between 2009 and 2018, reaching $23.4 billion
• Tech giants like Tencent or Alibaba Group play an increasingly key role with mobile donations via WeChat
• The National People’s Congress (NPC) enacted the Charity Law three years ago but registration procedures and tax incentives need to be improved