Philanthropy Management: China Strives to Adopt Another U.S. Practice: Strategic Philanthropy - San Diego, California News Station - KFMB Channel 8 - cbs8.com

Philanthropy Management: China Strives to Adopt Another U.S. Practice: Strategic Philanthropy - San Diego, California News Station - KFMB Channel 8 - cbs8.com: According to a UBS-Insead study, the earliest Chinese foundations were established barely 30 years ago but Chinese philanthropic initiatives are growing rapidly, with more than 70% formed since 2000. "While family giving is an established practice in much of Asia, China lacks a longstanding culture of structured philanthropy, though there is increasing social pressure on China's newly wealthy to give more generously," said Schwartz. In 2011, Chinese entrepreneur Cao Dewang gave $700 million in donations. Although this is dwarfed by Margaret A. Cargill's $6 billion bequest last year, it would have placed Dewang at number two in the US.