The industrial heavyweight Cao Dewang's pledge of using 70 percent of his company's stocks to establish a charity foundation shows that China can also have generous philanthropist, says an article on the website www.eastday.com. The following is an excerpt:

Cao Dewang, chairmen of Fuyao Glass Industry Group, has announced that he will set aside 70 percent of the total stocks of the group, about 4.3 billion yuan based on current market value, to set up a charity foundation. If his words are realized, he will become the most generous philanthropist in China.

Some believed that due to the cultural differences, no businessmen in China would generously donate their money for charity like Bill Gates or Warren Buffett. Today, Cao's generous act proves that their belief is totally groundless.