Opinion

Charity dinner with Gates, Buffett

(China Daily)
Updated: 2010-10-01 09:59

How can a single meal raise enough money to feed and clothe everyone? How can the concept of charity be implanted into the public's minds and hearts? How can charitable contributions be encouraged by institutional support?

All these questions deserve more attention than was seen at the grand banquet that American philanthropists Bill Gates and Warren Buffett threw in Beijing on Wednesday evening.

Two dramas were put on the stage under the same theme that night, but they presented a stark contrast. Gates and Buffett offered a high-class dinner for a group of rich Chinese folks at a five-star hotel; diners went Dutch at restaurants for the same purpose - to highlight the importance of charity.

The dinner given by the two American philanthropists looked like a publicity gimmick. The event was eye-catching enough, especially following heated gossip on who had accepted or turned down an invitation, but the important issues failed to garner the same level of response.

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While Gates and Buffett certainly deserve our applause for their charitable contributions, the two were enjoying a groundswell of enthusiasm from Chinese media.

A blind eye was turned to the possible explanation of why some wealthy Americans give to the needy - charity donations in the US are tax-deductible expenses. These donations can reduce taxable incomes and subsequently lower tax bills. This then creates a significant tax planning opportunity for people who itemize their deductions.

However, we should never deny that the consciences of wealthy Americans have been nurtured and maintained by fund-raising in their country.

By contrast, charity in China is just beginning and an institutionalized charity is not currently available. This might explain why the nation was confused at news that Gates and Buffett would come to town.

The pair were supposed to persuade our newly wealthy to give some, if not all, of their money to charity and they claimed to know the reactions of their Chinese counterparts in advance. In defense of the elite Chinese people's good heart and will, Chinese billionaire and philanthropist Chen Guangbiao promised to give away all his wealth after death.

It is not rare for Chinese people of means to offer money to charities. However, government-supported charitable organizations are the only places most people want to donate to, and the funds are not monitored well. The weakest link is an absence of law dealing with philanthropy. It should be in place to mobilize all of us, those rich people in particular, to give money to charity, and then ensure the funds make it into the correct hands.