NEW YORK — China’s rapid economic growth over the past several decades has sparked a rise of extremely wealthy individuals and, in turn, more charitable giving. But China’s growing philanthropic scene remains insular, with major donors prioritizing needs within the country’s borders.
“Most funding in Asia is local. So, Chinese money tends to stay in China, Indian money in India, and so on,” said Ruth Shapiro, founder and chief executive of the Hong Kong-based Centre for Asian Philanthropy and Society.
“When rich Chinese fund or send money to Yale or Harvard or other top international schools, they have been criticized on social media. Citizens ask, ‘Why send funds abroad when there are still great needs in China?’”