The Zhejiang Provincial Department of Finance recently established special guiding funds to reward and incentivize outstanding charitable organizations that have standardized management, regularly disclose information to the public, act as a driving force for philanthropic causes, and raise large amounts of money.
To regulate the management and improve the efficiency of the funds, the department also issued a document titled the “Measures for the Management of Charity Guidance Funds in Zhejiang Province”.
According to the document, the funds are arranged by the provincial treasury for guiding and promoting the development of charitable causes and will be implemented until Dec 31, 2025.
In terms of where the funds are directed, some will be directed to cities and districts with high-quality charities. Some will be directed to charitable organizations with standardized management, timely information disclosure, a high number of funds raised and organizations which assist the government in its focus areas.
The funds will also be allocated to higher education institutions, think tanks, and NGOs that conduct research, training, platform building and evaluation around charitable organizations.