The China Banking Regulatory Commission and the Ministry of Civil Affairs (MCA) have jointly issued the “Measures for the Management of Charitable Trusts” (MMCT), marking the basic establishment of the regulatory system for China’s charity trusts. The official news briefing by the MCA explains that the regulation was released “in order to implement the Party’s central strategy, standardise charitable trusts, protect the legitimate rights and interests of charitable trust parties, and promote the development of philanthropy”.
The “Charity Law”, which was passed in the fourth meeting of the 12th National People’s Congress, dedicated one chapter to charitable trusts, demonstrating the importance of the trust system in the development of philanthropy in China. The MMCT consists of 9 chapters and 65 articles, including the general principles, the establishment of charitable trusts, the records of charitable trusts, management and sanctions for charitable trust property, charitable trusts’ changes and termination, promotion measures, supervision management and information disclosure, legal responsibility and attachment, for a total of nine different fields.
According to statistics, since the implementation of the Charity Law in September 2016, a total of 32 charitable trusts have been established and have received around 124 billion yuan, covering poverty alleviation, education, left-behind children and other areas.
Click here《慈善信托管理办法》to view the full text in Chinese of the MMCT.
