Philanthropy seen as key driver of post-COVID recovery

Charitable organizations should join hands with governments and business sectors to promote cooperation in areas of funding, human resources and policies to drive post-pandemic recovery and promote peace and prosperity worldwide, officials, experts and industry leaders are advocating.

"One of the most important revelations we got from the COVID-19 pandemic is to vigorously develop philanthropy. In 2020, when society was dealt the harshest blow by COVID-19, it was charitable organizations that helped integrate social resources to provide the most needed medical supplies and services," said Zhang Chunxian, vice-chairman of the Standing Committee of the National People's Congress, China's top legislature.

"Now, facing the trauma and fragmentation caused by the pandemic, people from the global philanthropic sector have all the more reason to engage in dialogues to build global consensus and to cooperate," he said at the fifth World Philanthropy Forum in Beijing on Sunday.

The forum, jointly held by Tsinghua University, the University of Hong Kong and the Chinese University of Hong Kong on the International Day of Charity, provided a platform for Chinese and foreign officials and representatives from the academic and business worlds to discuss how philanthropy can help build a better world in the post-pandemic era.

Philanthropy can possibly stimulate the sluggish economy in two ways, said Peng Kaiping, dean of Tsinghua University's School of Social Sciences.

"The essence of business activities is to satisfy the needs of others and then to make money. Conducting charitable activities helps people find others' needs and therefore helps generate new business opportunities. In addition, governments can directly issue charitable subsidies to create demand and encourage economic flow," Peng said.

Former Hungarian prime minister Peter Medgyessy said: "We will see an increasing demand for charity in the future, as huge wealth and income inequality still exist globally and traditional economic and financial tools have failed to efficiently balance this situation."

Stephen A. Schwarzman, co-founder, chairman and CEO of Blackstone, a merger and acquisition consultancy and manager of private equity and hedge funds, said: "Charity is not only about helping people in need, but also about bringing transformative ideas to one's focused career." "China is becoming more and more important on the global stage. If we can help better connect the East and the West, we can create a more peaceful and prosperous world that will benefit everyone."

China, following the concept of building a community with a shared future for mankind, has a long history of engaging in philanthropic activities. After the pandemic broke out, the Chinese government and charitable organizations provided a total of $50 million in cash in two transfers to the World Health Organization, sent 34 medical teams to 32 countries and provided assistance to 150 countries and four international organizations, actions greatly appreciated by people of the recipient countries.

"China is committed to building a better society at home and a better world," said Zhou Shuchun, publisher and editor-in-chief of China Daily. "Domestically, China's ongoing modernization process means to evolve from a moderately prosperous society to a better society. On a global scale, China's modernization means to promote the building of a community with a shared future for mankind to construct a better world."