Rich Chinese shun charity dinner by Gates & Buffett

Source : FC : KJM Varma , PTI


Chinese billionaires, who in sheer numbers are second only to Americans, have shunned the invitation of two of the world’s richest men -- Bill Gates and Warren Buffett – to a charity dinner in the Chinese capital later this month for fear of parting with their hard-earned riches.


Fifty of China’s super rich recently received an invitation to a banquet to be held on September 29 with Buffett and Gates, who are on a worldwide mission to persuade the rich to join their campaign for philanthropy.



The duo has so far reported to have convinced 40 US billionaires to donate half of their wealth, worth as much as $125 billion. Reports had emerged that the two are on a mission to persuade wealthy Chinese entrepreneurs to make similar pledges, which scared away
some of them, official Chinese media reported.



“A small number of people declined the invitation to attend, while many of the invitees called to ask whether they would be required to pledge a donation at the dinner,” said Ray Yip, head of the China programme of the Bill and Melinda Gates Foundation, said.



Zhang Jing, the press officer of the foundation, said some of the Chinese entrepreneurs might have shunned the invitations due to busy schedules. “But that does not mean businessmen are afraid of being lobbied to donate their wealth. Some may not make it because of their tight schedules,” she said.



Ye Lei, another official of the foundation, said Gates and Buffett had no desire to urge Chinese tycoons to make such pledges. “The visit has two missions: to advocate philanthropy and to learn about the development of philanthropy in China. They're coming here to see whether in the future there might be some opportunities for cooperation or the establishment of a charitable coalition,” Ye said.



So far two Chinese billionaires -- Chen Guangbiao and Zhang Xin, CEO of Soho China, a real estate developer – have openly confirmed their participation. Chen, a successful businessman, said he was willing to donate all his wealth to charity funds in China when he dies.



He said the hesitation of other wealthy people in China may be due to the fact that Chinese businessmen cannot succeed without the support of state policy, a stable social environment and the hard work of their employees, he said.



Zhang Xin runs China's Beijing Human and Animal Environmental Education Centre, which accommodates 700 homeless dogs, cats and other animals.



From the foundation’s point of view, China appeared the next best place for Gates-Buffett to succeed as this year it emerged second-highest in terms of dollar billionaires in the Forbes list with 64, trailing the US with 117.



“However, numbers don't tell the real story when it comes to philanthropic contributions. Cultural and legal differences suggest that Gates and Buffet will find it extremely hard going here. Perhaps Gates and Buffett should look at their visit as seed-planting time rather than a bountiful harvest,” said Harvey Dzodin, a columnist of Global Times.



“Maybe a few billionaires will step forward and make the pledge in front of the bright lights and cameras but if recent history in China is any indication, not all pledges are fully redeemed after they are made. When the spotlight is turned off, so, it seems, are many contributors,” he said and asked the Chinese government to come forward with tax concessions for charity work like in US in other countries.



“The Gates-Buffett delegation should be talking not only to the people at the top of China's rich list, but to the people in the government who are considering changes in the tax laws,” he said.