The number of charitable trusts recorded in China had reached 1,184 by the end of 2022, with their net worth exceeding 5.16 billion yuan ($ 767.7 million), according to a newly released report.
The report, titled China Charitable Trust Development Report 2022, was recently released by China Charity Alliance and China Trustee Association.
According to the report, 392 new charitable trusts were filed in 2022 — a record-high 76.24 percent annual increase, signaling the acceleration of China’s charitable trust development. The expanding scope of the charitable trust filing is another noticeable trend, covering 28 provinces and municipalities so far.
Besides the quantity, the quality of trusts has also improved, according to the report, with a growing number of grassroots trusts, more diverse needs and purposes, and more standardized management of the charitable trusts.
Charitable trusts continue to bring social benefits, covering a range of areas and topics in philanthropy. While education and poverty alleviation remain the most concerned areas, common prosperity and rural revitalization have also received a greater influx of funds. Also, trust companies and charitable organizations continue to explore more innovative approaches, such as expanding the source channels and diversifying the types of trustors.