Gates' charity banquet tests China's billionairs
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Less than three weeks before a Chinese billionaires' banquet, sponsored by Bill Gates and Warren Buffett on Sept. 29, only two Chinese businessmen have confirmed they are attending.
![Bill Gates and Chen Guangbiao in 2009, one of the two Chinese billionaires accepting the invitation to the charity banquet.[File photo]](http://images.china.cn/attachement/jpg/site1007/20100908/0019b93bd68d0df1322a04.jpg "Bill Gates and Chen Guangbiao in 2009, one of the two Chinese billionaires accepting the invitation to the charity banquet.[File photo]") |
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Bill Gates and Chen Guangbiao in 2009, one of the two Chinese billionaires accepting the invitation to the charity banquet.[File photo] |
Gates and Buffett initiated a project, "The Giving Pledge", in June aimed at persuading billionaires in the United States to give the majority of their wealth, 50 percent or more, to charity.
Although the Microsoft mogul has announced that he would not lobby Chinese billionaires to follow suit, the banquet is turning into a test for donating to China's charities, as the two American billionaires promote philanthropy in the world's most populous country where donating personal wealth to charity has yet to become a common practice.
A deep-rooted concept among wealthy individuals in China is to leave their entire fortunes to their descendants, which might be a major obstacle preventing donations to charity, according to Zhang Yinjun, spokesperson with one of China's largest charity organization, the China Charity Federation.
"If Gates and Buffett's visit and banquet could change Chinese billionaire's concept on the handling of their fortunes, that would be a good start to encourage more people to donate to society," Zhang told Xinhua on Tuesday.
"China has a totally different social condition and environment, so whether or not Chinese billionaires accept Gates' and Buffett's ideas, will be their personal choice," Zhang said.
The first pledge
One of the two Chinese billionaires accepting the invitation to the charity banquet was Chen Guangbiao, China's most famous philanthropist, and CEO of a resources recycling company in eastern Jiangsu Province.
Chen posted an open letter on the company's website on Monday, reminding wealthy Chinese that each of them earned their fortunes thanks to the support of government policies and to a stable social environment.
"I will donate all my wealth to charity when I leave this world. This is my present to welcome your gentlemen's (Gates and Buffet) charity meeting in Beijing," Chen pledged.
Chen said in his letter that he has, so far, made charitable donations worth 1.34 billion yuan (197 million U.S. dollars) over the past 10 years. In 2009 alone, he donated 313 million yuan, accounting for 77.6 percent of his company's profits that year.
Chen also shared his motto with wealthy Chinese: "When you have a bucket of fortune, you keep it at home. When you have a pool of wealth, you share it with others."
Zhang Xin, CEO of SOHO China, China's leading real estate developing company, also confirmed her plans to attend the banquet.
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