Warren Buffett and Bill Gates to hold charity banquet in Beijing

09-29-2010 A charity banquet held by Warren Buffett and Bill Gates gathers together Chinese millionaires in Beijing Wednesday evening. The dinner named "The Giving Pledge" aims to convince Chinese magnates to donate their fortunes to a good cause.

Attending or not is a question that has been worrying Chinese millionaires since they received their banquet invitations at the beginning of the month. With the event taking place Wednesday night it is time to make the final decision.

But some old faces at charity occasions accepted without a second thought. Cao Dewang is one of them. Cao vowed to donate 75 percent of his fortune in 2007. In the first nine months of 2010 alone, he had put 1 billion yuan RMB in the charity box. In his view, Chinese magnates don"t need to be persuaded, they will donate on their own initiative.

Chinese magnate Cao Dewang said, I don"t think Chinese magnates dislike donating. The example is the donation scene during the 2008 Wenchuan earthquake. I don"t think other countries can make it. And I believe those who haven"t donated yet will donate in the future, because money is useless when people die.

What Cao has done is more than just donating though. He has also set up a system to ensure his money ends up in the hands of those who really need help. Most of the work is done all by himself.

Cao said, "If you ask me why I did everything in person for the charity cause, I have to say because all my money is earned with great effort. Since I started my own career 20 years ago, I never rest for a single day. The only time I watch TV in the year is the Spring Festival."

Cao Dewang is not alone in the area of charitable causes in China. Many other magnates like Chen Guangbiao are also committed to giving. He donated more than 300 million yuan out of the 410 million net profit his company made in 2009. And earlier this month, he vowed to donate all his fortune after his death.

Expert says, the significance of the banquet is more than donating.

Wang Zhenyao, professor of Beijing Normal University, said, "This banquet can raise more rational discussion about charity work in China. It is also a chance to create a more useful donation mechanism, so as to promote the overall charity work of China."

Gates and Buffett initiated their joint philanthropic campaign in June to persuade the wealthiest families and individuals to commit to giving 50 percent of their wealth. Reports say more than 40 US millionaires pledged at least 125 billion dollars at the first banquet in the US.

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