The Huamin Research Center and the Center for Leadership and Management were pleased to host a lecture titled “Donations from Wealthy People in China: Level and Changes” by Dr. Guosheng Deng from Tsinghua University.
“Tsinghua University is one of our hosting institutions for the China Study Abroad program and they have been unbelievable kind and generous in welcoming our faculty and students to their campus. This is a very important topic for both China and the US, and we welcome Dr. Deng to Rutgers,” said Chien-Chung Huang, professor and director of the Huamin Research Center.
Dr. Deng detailed how a new social class of wealthy people has emerged in China, with a 2.3 fold increase in five years of individuals with 1.64 million or more in assets. Most charitable giving in China has followed in close relationship to how the government views philanthropy. Before 1978, the Chinese government viewed charitable giving as a negative, making private donations impossible. The attitude relaxed through 1994, and now the Chinese government has progressed to positive encouragement of individuals and corporations for setting up charitable foundations.
“In the future I believe the level of donation will increase rapidly as the wealthy change their donation culture. Many will go overseas to set up charity projects, and giving in education will continue to increase,” says Dr. Deng. “Eventually the donations of wealthy people in China will equal the donations of the wealthy in other countries.”