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Zhejiang values philanthropy's role in realizing common prosperity

ezhejiang.gov.cn| Updated: September 6, 2021 L M S

The sixth "Chinese Philanthropy Day" was celebrated across the country on Sept 5, and East China's Zhejiang province has hosted various philanthropic activities in recent days.

The national festival holds particular significance for Zhejiang this year as the province was designated by the central government as a demonstration zone for common prosperity in June. Moreover, third distribution, which refers to individuals, enterprises, and organizations voluntarily donating a part of their incomes for charity purposes, immediately became a buzzword, since it was underscored as a necessary means of achieving common prosperity at the 10th meeting of the Central Committee for Financial and Economic Affairs on Aug 17.

Data from the Zhejiang Provincial Department of Civil Affairs shows that the province is currently home to 1,056 registered charitable organizations, the second highest among all provinces, as well as 17.24 million registered volunteers, the highest among all provinces.

Enterprises have been playing a pivotal role in the development of the philanthropy cause in Zhejiang, which boasts a vibrant private-sector economy.

Last year, a total of 28 Zhejiang enterprises donated more than one million yuan ($155,000) to the Zhejiang Provincial Charity Federation, among which Zhejiang Energy Group and Zhejiang Hailiang Philanthropy Foundation both donated 10 million yuan.

In addition to conventional donations, more and more businesses in Zhejiang are carrying out charitable activities through the operation of corporate foundations, community foundations, and charitable trusts.

According to an official from the Zhejiang Provincial Department of Civil Affairs, Zhejiang will take full advantage of philanthropy's effect on third distribution by implementing favorable taxation policies for philanthropists, encouraging people from all walks of life to donate to charity, streamlining the operations of non-profit causes and social rescues, and channeling more philanthropy resources toward underdeveloped regions and people facing financial difficulties.