Bill Gates: China's rich should do more charity

Reading: According to CNBC, Bill Gates called on Chinese rich people to do more charity in a recent interview, arguing that China lacks systematic philanthropy and said the government should consider policy incentives for philanthropy, such as tax relief. Here's the full story: The rich in China buy something rich in Western tastes: art, Bay-stream private jets, DRC wines and Hermes handbags. But Microsoft (MSFT) co-founder Bill Gates believes that they have not accepted one of the most important things, that is charity. The Hurun report shows that China's top 100 philanthropists donated only 890 million dollars in 2013. By contrast, the top 50 philanthropists donated 7.7 billion dollars last year, with only Facebook founder Mark Zuckerberg and his wife donating nearly 1 billion dollars more than the top 100 philanthropists in China. So it's not hard to see why gates openly appealed to Chinese rich people to do more good. In a recent interview with Reuters in Singapore, Gates said: when things like this happen in China, you see basic generosity, but systemic philanthropy is hard to see, such as donations to health, donations to universities, and donations to people with disabilities. He said the Chinese government should consider charitable-friendly policies, such as tax breaks for donors. Gates and Warren Buffett invited China's top 50 billionaires to a charity dinner in 2010, but about One-third rejected the invitation. (Feather arrow)