Li Dongsheng donates RMB 8 million to the first public welfare fund in the "Hope Project" personally established by a businessperson

Li Dongsheng donates RMB 8 million to the first public welfare fund in the "Hope Project" personally established by a businessperson

December 14th,2007

December 13th, 2007, Huizhou The China Youth Development Foundation (hereafter abbreviated to the Youth Fund) held the founding ceremony for the Huameng Fund today. The first public welfare fund to be established personally by a businessperson since the Hope Project began, the Huameng Fund was established with a grant from TCL Corporation president Li Dongsheng and his wife Wei Xue, and will be used to sponsor educational projects in poor rural areas.

The founding ceremony of the Huameng Fund was attended by Tu Meng, secretary-general of the Youth Fund, Huang Yebin, secretary of Huizhou City Committee, and the relevant leaders of Huizhou Bureau of Education.

It is understood that TCL Corporation president Li Dongsheng will pour a further RMB 8 million into the Huameng Fund over the next five years, with an annual investment of at least 1 .5 million. Following Li Dongsheng's donation of 1 .2 million to the Hope Project last year, Mr Li is again giving generously to educational projects.

Mr Li's previous donations to the Hope Project and the Dreams Come True Project were earmarked respectively for volunteer education and higher education, while the Huameng Fund will be centered around the Guangdong region and aimed chiefly at helping two groups of people: first, senior high school students in poor areas, specifically to help them successfully finish school and enter university; and second, teachers in poor areas, specifically by using the Youth Fund's "Yuanding Prize" as a conduit to provide financial assistance to outstanding teachers living in difficult conditions, in order to allow them to pour all their energies into their educational work.

During the founding ceremony, Li Dongsheng commented: "Having been a businessman for more than two decades, I am well aware that my continued development depends on the help and support of people in all walks of life. As one of the first year of students to go to university after the high school exam system was reinstated, I have personally experienced how the educational system in poor areas relates to the further development of volunteer education and the enriching of people's potential.

There are many ways of contributing to public welfare, and they are not the exclusive preserve of the rich. How you allocate and use your wealth is a reflection of a person's values and sense of social responsibility. I hope that by supporting educational projects in poor areas, my humble efforts will enable me to give something back to society.

" Li Dongsheng states frankly that if he had not been able to enjoy the benefits of the middle school stage of his education, he would not have been able to achieve the success he has today. "Consequently, I very much hope that I can help children in poor areas to successfully finish their senior high school education, and give them the chance to stand on the starting line of the high school exams with other children of their age.

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The use of funds and grants to help provide education is extremely common in developed countries. Some of these funds are set up by government organisations, but even more are set up by the public with grants donated in the names of individuals or companies, such as America's Gates Fund, Rockfeller Foundation and Carnegie Endowment.

The benefit of establishing a fund is that it frees donations to help education from reliance on government organizations, so that the objective of supporting education can be reached through the market or through society. The US's pioneering use of funds to assist in education has in turn stimulated that country's educational development.

By comparison, China has a relatively underdeveloped culture of public charity; while 80% of charitable donations in developed countries come from the people, only 10% of such donations in China come from businesspeople and the general public, and donations in the form of funds are even more scarce.

Youth Fund secretary-general Tu Meng attended the inaugural ceremony of the Huameng Fund, during which he extended his gratitude to Li Dongsheng and his wife for their generous donation. He also stressed that, "The establishment of the Huameng Fund also has a special significance, in that it is the first public welfare fund in the Hope Project to be personally established by a businessperson.

Mr Li has previously given financial assistance to education in poor and rural areas in China on many occasions. The establishment of the Huameng Fund provides an excellent path for Chinese businesspeople to follow in terms of participation in educational welfare projects. I hope that while creating personal value and public wealth, more businesspeople will join the ranks of the Youth Fund's welfare force, share more of the burden of social welfare work, and bring each drop of care together until we have a sea of charity.

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The Ministry of Education's "2006 National Education Development Statistical Report" shows that in 2006, the gross proportion of students entering the senior high school stage nationally was 59.8%, and even in the economically developed province of Guangdong, the rate was just 61%, despite the fact that as the economy continues to develop rapidly, the requirements on personal skills and abilities are constantly increasing.

General Secretary Hu Jintao noted in the 17th CCP Committee Report that accelerating the expansion of coverage of education to the senior high school stage is one of the key tasks of the new era of educational development. Thus, senior high school education has become the highest priority for the following five year period in Guangdong's educational development.