Chinese philanthropist Wang Zhenyao has recently been appointed as the president of the Shenzhen International Philanthropy Academy, China’s first international philanthropy academy, according to a report by Beijing.china.org.cn.
Wang, who serves as the Dean of China Philanthropy Research Institute at Beijing Normal University (BNU), received support from world-renowned charity groups such as the Dalio Foundation and the Bill & Melinda Gates Foundation.
Wang's appointment and the academy's inauguration was attended by famed philanthropists such as Jack Ma and Bill Gates.
The academy received an initial funding of 10 million yuan ($1.564 million) and an annual support of $10 billion for the next five years from supporting charitable groups.
Dr. Wang aims to recreate the success he has achieved at BNU in the new academy within the next five years.
"Our program is really blessed with support from various fields, including philanthropists like Bill Gates as well as government agencies like the Ministry of Education and the Ministry of Civil Affairs," said Dr. Wang in an interview with Beijing.china.org.cn.
"The founding of the International Philanthropy Academy marks the beginning of an institutional and cooperative exchange between Chinese and foreign charity enthusiasts," said Dr. Wang.
"In my opinion, foreign involvement and support in building the academy is a seamless connection between Chinese and Western civilization on the basis of equality and mutual respect."
Although philanthropy has yet to take China by storm, charitable acts by Chinese philanthropists are slowly gaining recognition from overseas counterparts. Dr. Wang hopes that with the establishment of the academy, China will learn to embrace philanthropy wholly.
"China can still make 'miracles' in philanthropy and mirror the country's leapfrog development of industrialization," he said.