Zhejiang Gongshang University, based in the provincial capital of Hangzhou, received a donation of 350 million yuan ($54.39 million) from Zhongjing Xinhua Asset Management Co on May 8, which was the 110th anniversary of the founding of the university.

The donation, the largest in the university's history, will be put into a new dedicated fund for establishing China's first-ever philanthropy college at the university. The college is set to offer undergraduate, masters, and doctorate programs in philanthropy, which would provide talent support for the country's charitable organizations.

The university has announced that it will soon apply for the approval of the Ministry of Education in offering bachelor's degree education in philanthropy. The university plans to select some of its second and third-year undergraduates to minor in philanthropy in autumn. The full-time programs for the major are expected to be launched next year.

According to Zhejiang Gongshang University President Yu Jianxing, the university will select excellent faculty members from its business administration, public administration, accounting, finance, economics, law, and foreign language departments into the new college. The future graduates of the philanthropy college are expected to provide expert advise in planning, marketing, investment, operation, and fundraising of not-for-profit programs.

The donator, Gao Yang, chairman of Zhongjing Xinhua Asset Management Co, has an emotional attachment to the university as both his parents are alumni. Gao considers the donation a gesture of gratitude to the university and said he hopes that the establishment of the philanthropy college will further raise the university's profile and benefit society.

Zhejiang Gongshang University receives donations from Zhongjing Xinhua Asset Management Co at a signing ceremony. [Photo/ zj.zjol.com.cn]