Off the wire
• Official says UAE nuclear plant meets "highest int'l standards"  • SAIC-GM to recall 2 mln vehicles over flawed engines  • Xi inspects troops in NE province  • Chinese premier extends condolences over Sri Lanka floods, landslides  • 2nd LD Writethru: DR Congo police clash with opposition supporters in Kinshasa  • China to streamline approval process to boost private investment  • French parliament definitively approves counter-terrorism law  • Lenovo suffers loss in 2015 as global PC demand shrinks  • Xi offers condolences over Sri Lanka floods, landslides  • Drought worsens human-wildlife conflict in Namibia  
You are here: 　 Home

China mulls changes to foundation management

Xinhua, May 26, 2016 Adjust font size:

China is considering allowing all foundations to apply to raise funds from the public two years after they are established, erasing a previous distinction between public and private funds.

The draft amendment to the regulation on foundation management was released by Ministry of Civil Affairs (MCA) on Thursday for public opinion.

It obliges all foundations to deliver work and financial reports annually to their regulators and to make those reports public to guarantee the right to know of donors, beneficiaries and the general public.

It also expands registering and regulating agencies of foundations from ministerial and provincial level to ministerial, provincial, municipal and county level.

It must be clarified at registration that foundations are of charitable nature and thereby subject to the Charity Law, the amendment says.

The 2004 regulation on foundation management has prompted rapid growth of foundations. At the end of 2015, the number of foundations had reached 4,719, with total net assets climbing from over 10 billion yuan (1.52 billion U.S. dollars) in 2005 to over 110 billion yuan. Endi