YCW NY: Panel Discussion “Philanthropy in China: Emerging Trends”
with Yong Lu (CEO & Founder of Evergreen Asia Advisors), Jessica Batke (Senior Editor at ChinaFile), Gena Palumbo (President & Founder at Children of China Pediatrics Foundation), Linda He Mei (Founder at Wailian Group) and Emily Weaver (China Program Associate at Rockefeller Brothers Fund)
China’s wealthy elites are getting ever richer – and increasingly want to use their money for philanthropic purposes. Alibaba’s Jack Ma made headlines when he announced plans to step down to focus on philanthropy. Charitable giving remains a nascent phenomenon in China. According to Forbes China, the top 100 individual Chinese donors gave roughly $2.5 billion last year, compared with the roughly $290 billion donated by individuals in the US reported by Barrons.
While charitable giving remains relatively small in China, it is rising at a brisk 66% year-on-year clip. The 2016 Charity Law has also provided new incentives and more protections for wealthy Chinese to give. This marks a marked departure from the crises seen in 2011, when individual donations plummeted over a crisis of confidence after a scandal involving the Chinese Red Cross.
As China’s young philanthropic sector continues to grow, which legal, political, and social forces are shaping its development? What motivates Chinese philanthropists to give, and how does this differ from the American tradition of philanthropy? How will the culture of philanthropy in China change going forward?
Please join Young China Watchers and the Children of China Pediatrics Foundation for an engaging panel discussion on this topic.