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China's charitable trust industry sees rapid growth in 2021

China's charitable trust industry saw a rapid increase last year as its property size grew by 32.48 percent from a year earlier, said an industrial report on Tuesday.

A total of 227 charitable trusts were set up last year, with the scale of property reaching 571 million yuan (about 90 million U.S. dollars), said the report, jointly released by the China Charity Alliance and the China Trustee Association.

As of the end of last year, the country's registered charitable trusts numbered 773, managing 3.94 billion yuan in total, it said.

The country's charitable trust industry reported a growth in the number of trustees, and more organizations have been exploring practice patterns in the sector, said the report.

Due to multiple advantages in bridging wealth gaps and promoting general prosperity, charitable trusts should become new models to facilitate cooperation between the financial sector and the public welfare industry, it noted. 

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