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Buffett and Gates target China's billionaires for charity
Updated September 10, 2010 11:14:31
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Insert: Some billionaires give to political NO NOs .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54816312 .. NO! upping tax on the wealthy without upping it YES! on every middle-class family, too. Other billionaires encourage those same billionaires, and more, to give half of their fortunes to moral causes .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=53466533&txt2find=Giving|Pledge ,,
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Two of the world's richest and most generous men, Bill Gates and Warren Buffett, will head to
China later this month in an effort to promote the idea of philanthropy to Chinese millionaires.

It's a tough sell in a nation where wealth has traditionally been kept within the family. In fact, it's been reported that only two of the 50 Chinese businessmen invited to meet with Mr Gates and Mr Buffett have accepted the invitation the rest possibly worried they'd be asked to part with their hard-earned money. Despite the wariness of the super-rich, smaller-scale philanthropy is growing in China.

Presenter: Liam Cochrane
Speakers: Dien Yuen, founder of the Asian Philanthropy Forum and chief philanthropy officer at Give2Asia; Bill Gates, Microsoft founder and co-chair of The Gates Foundation; Jet Li, action movie star and founder of The One Foundation

* Listen: Windows Media .. http://www.abc.net.au/ra/connectasia/stories/m1918803.asx

(SFX - music)

COCHRANE: A lot's been made of the fast-growing wealth of China, but as philanthropists, the country's millionaires and billionaires are late starters.

Dien Yuen, founder of the Asian Philanthropy Forum blog says part of the reason is: the newly rich in China are focused on getting richer. But it's also cultural, with traditional Confucian beliefs placing social responsibility closer to home.

YUEN: So when you actually have wealth you want to be able to take care of the people in your family first, before you would take care of the community and then also the greater society.

COCHRANE: However, things are changing. The culture of charitable giving in China is slowly growing and will be tested later this month, when two of the big names in philanthropy - Americans, Bill Gates and Warren Buffett - will host a dinner encouraging China's rich to give away their hard-earned yuan.

The trip is a follow up what they've called The Giving Pledge - an appeal to billionaires in America to give away half their fortunes either during their lifetimes or when they die.

So far, around 40 billionaires have made the pledge. China has the second most billionaires after the United States but it might be hard sell to get them reaching into their deep pockets.

The Gates Foundation has admitted that several of those invited to the dinner have called to make sure they won't be asked to pledge money at the event.

Not everyone is being stingy though. Businessman Chen Guangbiao [OH! see below] has pledged his entire fortune - currently 735 million US dollars - upon his death.

But with so causes appealing for funds, China's wealthy often aren't sure where to start.

Here's Bill Gates, speaking on the American PBS network.

GATES: In China everything is the government today and so, we were saying to people, 'You should give,' or, 'What are you thinking about it', they were sort of saying, 'Boy, there's not an establishedset of things to give to'. And so maybe these wealthy people in China, part of what they need to do is help get that going.

COCHRANE: Philanthropy really did get going in May 2008, when a massive earthquake rocked China's Sichuan province.

Dien Yuen says it was a significant turning point.

YUEN: Suddenly people wanted to help and it wasn't just even about money, it was about putting in time, volunteering and having fundraising events."

COCHRANE: One of the focal points for earthquake relief was the One Foundation, started up by action movie star, Jet Li.

His path towards philanthropy began in 2004. He was holidaying in the Maldives when the tsunami struck. His daughter was swept away and saved by a stranger, leaving Jet Li feeling the need to give something back.

He began the One Foundation in partnership with the Chinese Red Cross and raised US$10 million in the week following the Sichuan earthquake.

Sitting next to Bill Gates at the World Economic Forum last year, Jet Li urged everyone in China to become a philanthropist by giving even a small amount.

LI: Everyone, every month, you donate one yuan or donate one hour. You have the responsibility. Not only the government, not only the big companies, everyone should do.

COCHRANE: Jet Li's One Foundation is also a place where not-for-profit organisations can come to pitch for money to do their work.

This vetting of who gets the donations will be helped by The China Foundation Centre, which was launched in July as a central hub of information about how 1,800 of China's not-for-profit organisations spend their money.

Dien Yuen says the transparency is an important step forward.

YUEN: We need to work on both sides of things, encouraging more giving but also encouraging the non-profits on being more accountable and to report back on what the impact of those funds has been.

COCHRANE: Meanwhile, Bill Gates and Warren Buffett are looking beyond even China in their quest to spread philanthropy across Aisa. They'll be travelling to India in March next year where they're expected to face a similarly dubious reaction from India's super rich.
http://www.radioaustralia.net.au/connectasia/stories/201009/s3008131.htm

China millionaire convinces 100 others to donate wealth
Analysis & Opinion

* Taiwan Buddhist charity Tzu Chi sets up shop in atheist China .. http://blogs.reuters.com/faithworld/?p=14784
* The 40 super-rich aren’t necessarily giving away half of their wealth .. http://blogs.reuters.com/gregg-easterbrook/?p=321

BEIJING | Wed Sep 15, 2010 6:02am EDT

BEIJING (Reuters) - A Chinese multi-millionaire has persuaded more than 100 entrepreneurs to donate all their personal wealth, state media said on Wednesday, ahead of a visit by two of the world's richest men to promote philanthropy. .. continued ..
http://www.reuters.com/article/idUSTRE68E1QZ20100915

See also .. the whining of the rich .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54564541 .. and replies ..