China has nearly 3,000 foundations: report

BEIJING, April 16 (Xinhua) -- The number of foundations set up in China reached 2,961 in the third quarter of 2012, about three times of that in 2005, the Ministry of Civil Affairs announced on Tuesday.

The number of foundations in China has kept increasing steadily in recent years, with an average annual growth rate of 20 percent, according to a report released by the ministry's non-governmental organization administration.

The total assets of foundations across the country reached 78.5 billion yuan (about 12.7 billion U.S. dollars) in 2011, up 29.91 percent year on year, figures from the report show.

Foundations raised donations worth 40 billion yuan and spent 28 billion yuan on public welfare projects in 2011, according to the report.

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