2,500 foundations set up in China

The number of foundations set up in China reached 2,500 by the end of 2011, more than double that in 2005, according to a statement from the non-government organization administration on Friday. The number of foundations in China have kept increasing steadily in recent years, with an average annual growth rate of 20 percent, said the statement from the administration under the Ministry of Civil Affairs. Last year, the total assets of foundations across the country valued at 60.4 billion yuan (9.6 billion U.S. dollars). Foundations raised donations worth 33.7 billion yuan and spent 25.6 billion yuan on public welfare projects. More than 70 percent of their expenditure went into disaster relief and poverty alleviation, social welfare, education and medical care, mainly benefiting poor mothers, children and students and the disabled, according to the statement. The management within the foundations has improved constantly with higher level of transparency. The statement said 97 percent of the foundations have released their annual work report on media designated by the civil affairs ministry. The statement also said the civil affairs ministry is amending regulations on the registration of social groups, foundations and private non-enterprise units in a bid to take in more social organizations for public service. Moreover, the foundations were urged in the statement to further improve funds management and enhance information transparency to guarantee the donators' rights to know and boost the foundations' credibility.