Gates and Buffet to discuss philanthropy in China

[CardSharp]

Two of the wealthiest people in the world, Bill Gates and Warren Buffet, set up a dinner Wednesday in Beijing with a select group of Chinese billionaires. The dinner has ignited a fierce debate in China into whether or not China's super rich should do as super wealthy Americans have been asked to do, give huge portions, if not all of their money, to charity.

Dien Yuan, who writes an internet blog called Asian Philanthropy Forum, says American style philanthropy is still an emerging concept in China.

"A lot of people are still getting used to what getting wealthy means. They're still building their wealth and they're not ready at this point to think about philanthropy, especially giving away a large piece of their hard earned wealth. They're also, at this stage, thinking about the next generation and how to take care of their elders and dependents. So the idea of giving away money, just to a general cause is still relatively new."

When invitations for the dinner were received in August, some of the recipients reportedly were wary, asking if they would be asked to contribute money while there. Says Yuan, "There's a little hesitation for so many billionaires to attend because once they attend, it attracts public attention. So the public will ask the billionaire why have you not given. So, there's a lot of public pressure that's involved in China."

In addition, says the blogger, China's tax structure is not yet set up to reward philanthropy. She says "In the US we have a lot of legal incentives, tax deductions and the like that have been put in place to encourage philanthropy. Where as in China, the legal pieces have not caught up to the trend of giving. So there's not a lot of tax or legal incentives that are created to encourage philanthropy to grow."

According to Forbes magazine, China is now home to 64 of the world's 937 wealthiest people. China's Xinhua news agency reports that country's most famous philanthropists, Chen Guangbao, has announced he would donate 100 percent of his personal wealth to charity and says more than one hundred other Chinese entrepreneurs have decided to do the same

Good on them

 

[no_name]

What are the charity organisations and who will be looking after them?
Donating is like saving, don't put all your eggs in one basket.

 

[CardSharp]

What are the charity organisations and who will be looking after them?
Donating is like saving, don't put all your eggs in one basket.

I think they are there to change rich Chinese's attitude towards philanthropy. That's the important bit I think.

 

[mike05]

I think they are there to change rich Chinese's attitude towards philanthropy. That's the important bit I think.

I read somewhere that many of the rich people are shunning the event for fear of the government investigations into them for tax, source of income etc. But I sure hope this helps increase philanthropy in China.

 

[Nomenclature]

I'm strongly against the idea of successful Chinese private entrepreneurs becoming so called 'naked philanthropists' (i.e. giving most or all of their wealth away). Charlie Rose recently did an interview with Alibaba's Ma Yun, who explained his position on charity and I agree with him completely

http://www.charlierose.com/view/interview/11215

MA JACK: I think today What China Needs is 200 million jobs. We are a country like -

CHARLIE ROSE: Two-hundred-million jobs?

MA JACK: We have 1.3 billion people, urbanization, and we need a lot of jobs. We need a lot of people to create jobs. So China today philanthropy and charity and whatever, I respect. But people like us, we should use resources that's one of the money that I think we can run the better than resources the government.

So by supporting the society, I do not think - I will regret when I'm 80 years old, 70 years old, INSTEAD OF donating money, I should spend the money now.

CHARLIE ROSE: And create jobs?

MA JACK: Yes. Create hope.

CHARLIE ROSE: You believe that in terms of social good, the best thing you can do is create jobs because if you have a society in which people have a job and they have a respectable way to earn a living and provide shelter and to provide a means for their children to have a better life. As you said, did not your father and your grandfather and you did than your father.

Ma made a lot of good points on charity in the the context of current China and I agree with him rich people should use their money and their skill as business persons to create a greater and more vibrant private sector rather than donating them to something as inefficient as charity.

The private sector is the heart of China's economic future, and there's absolutely no reason the private entrepreneurs should pay for the government's failure to tackle poverty, injustices and inequalities in China.

If anyone here in China has the obligation to donate that's the public sector which is making piles upon piles of money via state monopoly. Rather than letting private businessmen give their money, Chinese government should sell state-owned companies to successful entrepreneurs and use the proceedings on social welfare.

 

[Hafizzz]

Chinese, Indian and German Billionaires Tell Gates and Buffett to Stuff It
Chinese, Indian and German Billionaires Tell Gates and Buffett to Stuff It | BNET

As soon as you get your pay cheque from your Boss, foreigners will tell you to donate it.

 

[no_name]

I'm strongly against the idea of successful Chinese private entrepreneurs becoming so called 'naked philanthropists' (i.e. giving most or all of their wealth away). Charlie Rose recently did an interview with Alibaba's Ma Yun, who explained his position on charity and I agree with him completely

Charlie Rose - Jack Ma, Founder and Chairman of Alibaba



Ma made a lot of good points on charity in the the context of current China and I agree with him rich people should use their money and their skill as business persons to create a greater and more vibrant private sector rather than donating them to something as inefficient as charity.

The private sector is the heart of China's economic future, and there's absolutely no reason the private entrepreneurs should pay for the government's failure to tackle poverty, injustices and inequalities in China.

If anyone here in China has the obligation to donate that's the public sector which is making piles upon piles of money via state monopoly. Rather than letting private businessmen give their money, Chinese government should sell state-owned companies to successful entrepreneurs and use the proceedings on social welfare.

Thank you. That was the point I'm implying. Those billionaire can put the money into better use and have control over its usage instead of donating it away.

 

[asianamerican]

Asian people hate being lectured to especially by White people. While I believe Gates and Buffet are doing a lot of good (although, I questioned their motives sometime), their effors will be in vain, because structually, everything will be the same. If he was to make drastic change in "third world" people well being, he needs to work with Washington to change the rules they play against third world countries.

Is there any oversight on the Gates foundation? All those vaccines that they are giving out, what kind of oversight are they subjected to?

 

[InPhilTraitor]

I am first to agree, I surely am not that person who is in a position to suggest to these very wealthy and successful individuals what to do with their money. I find it unfortunate that we have this hereditary and generational mentality, to earn so much that 7 generations can live off on it. We asians have a tendency to keep it in the family, attitude, that is why we are talking about TATA group needs to have a Tata as CEO.

Unless we divorce ourself from family centric world view, we cannot actively contribute to charity beyond some pennies.

Where is the X Prize for space exploration or efficient car or anything innovative in asian countries? That is what keep America ahead of "tunnel-visioned" people we are.

 

[below_freezing]

I'm strongly against the idea of successful Chinese private entrepreneurs becoming so called 'naked philanthropists' (i.e. giving most or all of their wealth away). Charlie Rose recently did an interview with Alibaba's Ma Yun, who explained his position on charity and I agree with him completely

Charlie Rose - Jack Ma, Founder and Chairman of Alibaba



Ma made a lot of good points on charity in the the context of current China and I agree with him rich people should use their money and their skill as business persons to create a greater and more vibrant private sector rather than donating them to something as inefficient as charity.

The private sector is the heart of China's economic future, and there's absolutely no reason the private entrepreneurs should pay for the government's failure to tackle poverty, injustices and inequalities in China.

If anyone here in China has the obligation to donate that's the public sector which is making piles upon piles of money via state monopoly. Rather than letting private businessmen give their money, Chinese government should sell state-owned companies to successful entrepreneurs and use the proceedings on social welfare.

So, you mean we should allow private companies and individuals to take control of our power grid, water supply and national defense?

Can I ask this 1 question: if you are dissatisfied with your water supply from a private company, are you going to boycott water? After all, it's ridiculous and impractical to reroute water yourself. What about if the private company decides to triple electrical fees? What are you going to do, buy your own power plant? Or disconnect your electricity? More likely you will accept it and pay triple the fees with some grumbling about how the government didn't step in - but you are advocating that the government doesn't step in, so you can't say anything.

Sorry, some government monopolies are there for a reason: because they do more for the general good than a private individual, and they keep capital within the country. Such selling off of government property also results in huge corruption losses. This has been seen every single time since the USSR collapsed and state owned enterprises were sold in the 1980's. The new owners bought the enterprises cheap, sacked the workers, stripped the equipment, pocketed the cash and ran for the west. Look at Mittal, all the money he makes from india is going straight to Britain.

Do note that State Grid takes a 0.6% loss every year to provide free electrical service to rural villages. Will any private sector company do the same? No they'll cut power to the rural villages and triple the cost to urban dwellers, and there will be no competition because it is impractical and expensive to maintain multiple sets of identical electrical lines for different companies. What then? Stop using electricity? Build your own power station? Complain (exactly like everyone does now except the cost isn't tripled yet) and take it?

Here's the consequences of privatization of crucial industries:

http://environment.nationalgeographic.com/environment/photos/drinking-water/
http://www.organicconsumers.org/Politics/water071805.cfm
http://www.independent.co.uk/news/b...-man-joins-board-of-goldman-sachs-856991.html
http://www.independent.co.uk/news/b...-man-joins-board-of-goldman-sachs-856991.html
http://www.indiaresource.org/news/2005/2037.html

please think before such suggestions. some may take it seriously, and that would be a disaster for everyone not as rich as yourself. i mean, you have the luxury of talking about beijing hutongs and "culture" and how beijing should be a horizontal city, etc. when most are trying to survive and don't really give a s* about that, just need a place to live.