The realization that businesses cannot survive in isolation and the fact that they have a responsibility towards the society is finally began to dawn upon Chinese enterprises.
Today Chinese enterprises are eyeing a bigger pie of the international market and multinationals companies are trying to win over the Chinese market. Thus Corporate Social Responsibility (CSR) is starting to gain strength and is recognised as a new driver for social and technological innovations.
In line with these values charitable donations reached 198.1 billion yuan ($31.95 billion) last year in China, a 33.5 percent rise on 2013. Based on the figures released by the Chinese Academy of Social Sciences, private enterprises led the numbers with the majority of contributions.
With an increase in the number of registered social organizations by around 10 per cent, that includes social groups, private non-profit groups and charities, and private foundations, donations towards philanthropic causes has made significant progress.
The passion for charity was clearly evident when the ‘ice-bucket’ challenge went viral online in China last August.According to Yang Tuan, a researcher with the academy, donations of more than 8 million yuan poured in within a week.
There could have been no better time to celebrate philanthropy, reports Chinese Academy of Social Sciences (CASS). It is a great way to prove that companies can achieve more sustainable growth while still scoring well on their balance sheets as well. In addition, the tightening international corporate social responsibility standards leave no stones unturned to ensure that companies score well on CSR without compromising on credibility and integrity.
This was further accredited by China WTO Tribune in their freshly released Golden Bee Index that claims Chinese enterprises have expressivelyenhanced the quality of their CSR reports.
Emerging as an international power and setting an apt example to the State-owned enterprises the concept of CSR is growing with more legalized, standardized and internationalized policies being adopted in the Chinese Republic.
According to the Golden Bee Index, the quality of reports is improving. This is the result of innovative structures being put into place, resulting in better content and formats. Companies have also realised the importance of producing quality CSR reports that further aids to improve management internally, and advance marketing and branding externally.
Maisoun Jabali, head of the CSR Centre attached to the Embassy of Sweden in Beijing said that CSR responsibilities were followed attentively in both private as well as government owned enterprises, unlike other countries. Favourable staff procedures, government associations and the disclosure of economic information is all a part of CSR reporting, said Jabali.
THis article was taken from here.