Michael Mackey: The New Chinese Philanthropy

From Asia Times:

China is not only a place where fortunes are being made, but increasingly a place where they are being given away, as the new wealthy become the philanthropists of today and tomorrow.

A double – possibly even triple – take is needed to understand the significance of this phenomenon: the millionaires in allegedly communist China giving their money, or at least part of it, away voluntarily. Furthermore, there are enough benefactors for someone to have compiled a list – namely, the the 2005 China Philanthropy 50 compiled by Euromoney China – recording who gave how much to whom and releasing this to the public. That this is the second year the list has been compiled suggests growing corporate maturity.

May 13, 2005 9:13 AM
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