Can China’s nouveau riche learn from Italy when it comes to giving away their money?
- President of China Global Philanthropy Institute Wang Zhenyao takes a trip to Europe to find out how its charitable affairs have become so closely connected with social welfare
- In China, philanthropy lacks professionalism and its links to social services are weak, he says
Italy’s centuries-old philanthropic groups and foundations have taken on a new purpose: to help their nouveau riche counterparts in China learn how to give back to society.
The European country has emerged as an interesting case study for Chinese millionaires, as both cultures share a deep tradition of family-run businesses across generations, experts say.
Some in Italy were quick to seize upon the politically symbolic moment in March when Chinese President Xi Jinping visited Rome and approved a memorandum of understanding on developing philanthropic research with Italy’s Prime Minister Giuseppe Conte.
“In terms of the history of China’s charitable affairs, it is unprecedented that a state leader witnessed an agreement reached by civil societies,” Wang Zhenyao, president of the China Global Philanthropy Institute, said after a recent visit to Italy.
The Italian experience would be the subject of “long-term study” for Chinese millionaires, he said.