Core Insights - Charitable trusts are increasingly important in mobilizing social resources and promoting public welfare development in China [1] - The revised Charity Law and new regulations effective from January 1, 2025, enhance the regulatory framework for charitable trusts, providing a solid foundation for their standardized development across the country [1] Group 1: Regional Performance - Zhejiang, Beijing, Guangdong, Jiangsu, and Shanghai are leading in charitable trust development, showing strong performance in new registrations, cumulative registrations, and total asset scale [2] - As of September 2, 2025, Zhejiang has 193 new registrations, 824 cumulative registrations, and a total asset scale of 257,607.02 million yuan, ranking first [2] - Beijing follows with 57 new registrations, 230 cumulative registrations, and a total asset scale of 158,079.29 million yuan [2] - Guangdong has 53 new registrations, 180 cumulative registrations, and a total asset scale of 178,883.63 million yuan [2] - Jiangsu and Shanghai also show notable figures with 51 new registrations and 14,807.07 million yuan in total assets for Jiangsu, and 23 new registrations and 30,985.37 million yuan for Shanghai [2] Group 2: Growth in Less Developed Regions - Regions like Tibet, Qinghai, Gansu, and Xinjiang show growth in charitable trust registrations, albeit at lower levels compared to coastal areas [3] - Gansu has 11 new registrations and a cumulative total of 175 registrations with a total asset scale of 91,687.14 million yuan [3] - Qinghai's total asset scale reaches 28,746.99 million yuan, while Xinjiang and Tibet show a trend of "small amounts with many registrations" [3] Group 3: Trust Company Trends - Trust companies are increasingly concentrated in eastern coastal cities such as Jiangsu, Zhejiang, Guangdong, Beijing, and Shanghai [4][5] - Companies like Everbright Trust and Zhongcheng Trust are actively collaborating with local charitable organizations to expand their charitable trust business [4] - Centralized operations in major cities allow for better coordination and development of charitable trust projects [4] Group 4: Policy Support and Legal Environment - The rapid development of charitable trusts in certain regions is supported by local government policies, including tax incentives and project support [7] - Zhejiang has initiated pilot programs for equity charitable trusts and allows charitable organizations to issue tax-deductible donation receipts [7] - Shanghai and Beijing have also introduced measures to standardize charitable trust operations, providing clear guidelines and stable policy expectations [7][8]

Core Insights - The charity trust business of trust companies has traditionally focused on rural revitalization and educational assistance, but the increasing diversity of social needs requires innovative business models for high-quality development [1] - Trust companies must adapt their charity trust services to local conditions, identifying regional pain points and opportunities to create tailored products and services [1] Group 1: Focus Areas of Charity Trusts - Charity trusts are primarily concentrated in three areas: education, rural revitalization, and healthcare, with 42, 23, and 9 registrations respectively in the first half of 2025 [2] - Zhongcheng Trust has registered a total of 68 charity trusts with a scale exceeding 200 million yuan, benefiting 460,000 people, focusing mainly on education and rural revitalization [2] - The "Yongzhuo Holdings Yonglian Village Rural Revitalization Charity Trust" established by Zhongcheng Trust has a registration scale of 100 million yuan and has already disbursed 20 million yuan for charitable purposes [2] Group 2: Innovative Charity Trust Projects - The "Hanguangxin. Hailiang Digital Intelligence Common Prosperity Charity Trust" is a significant innovation, utilizing data asset rights as trust property for charity, marking a first in the domestic charity trust sector [4] - Zhongyuan Trust has established 24 charity trusts with a management scale exceeding 14 million yuan, focusing on long-term support for rural schools through various initiatives [3] - Jianxin Trust's "Anxin Good Nurturing" charity trust has attracted participation from multiple enterprises, enhancing emergency rescue capabilities in local nursing homes [3] Group 3: Regional Adaptation and Practices - Trust companies in regions like Yunnan, Xinjiang, Shandong, and Tibet are developing charity trusts tailored to local needs, contributing to social development and providing diverse practical experiences [6] - Yunnan Trust has initiated the "Yunxin Yun Charity - Green Foundation - Yunnan Rare Endangered Species Protection Charity Trust," focusing on ecological protection and rural revitalization [6] - Shandong Trust has emphasized education, with 21 out of 24 new registrations related to educational initiatives, totaling 30.16 million yuan [7] Group 4: Future Outlook - The combination of regional characteristics and professional trust services is expected to enhance the development of charity trusts, leading to greater contributions to high-quality public welfare [8]

Core Insights - Charitable trusts are increasingly important in mobilizing social resources and promoting public welfare, especially after the implementation of the revised Charity Law, which has improved the regulatory framework for charitable trusts [1] - The new regulations on annual expenditures and management fees for charitable trusts will take effect on January 1, 2025, providing a solid foundation for the standardized development of charitable trusts across the country [1] Group 1: Regional Development of Charitable Trusts - Regions such as Zhejiang, Beijing, Guangdong, Jiangsu, and Shanghai are leading in the development of charitable trusts, showing strong performance in new registrations, cumulative registrations, and total asset scale [2] - As of September 2, 2025, Zhejiang has the highest new registrations at 193, cumulative registrations at 824, and total assets of 257,607.02 million yuan, followed by Beijing with 57 new registrations, 230 cumulative registrations, and total assets of 158,079.29 million yuan [2] - Other regions like Gansu, Qinghai, Xinjiang, and Tibet have also shown growth in charitable trust registrations, albeit at a lower scale compared to the eastern coastal regions [3] Group 2: Trust Companies' Focus - Trust companies are increasingly concentrated in eastern coastal cities such as Jiangsu, Zhejiang, and Shanghai, reflecting a trend towards these economically developed areas [4][5] - Companies like Everbright Trust and Zhongcheng Trust have established significant charitable trust projects in these regions, leveraging local government support and collaboration with charitable organizations [4] Group 3: Policy Support and Legal Environment - The rapid development of charitable trusts in regions like Zhejiang and Shanghai is supported by local government policies that encourage charitable activities, including tax incentives and project support [7][8] - Recent initiatives in Zhejiang and Shanghai aim to innovate charitable trust operations, such as the pilot registration of equity charitable trusts and real estate trust registration, which enhance the flexibility and customization of charitable tools [8]

通过慈善中国官网数据以及调研分析，《金融时报》记者发现，各地信托公司作为连接本地资源与 公益需求的重要纽带，能否立足区域实际情况，挖掘本土化的公益痛点与发展机遇，设计出贴合地方特 色的慈善信托产品与服务方案，直接关系到慈善信托的落地效果与影响力。 长期以来，信托公司开展的慈善信托业务多聚焦于乡村振兴与教育帮扶等领域，随着社会需求的日 益多元化、公益场景的不断丰富，信托公司如何实现业务模式的创新突破，成为行业高质量发展的关键 课题。 我国地域辽阔，不同地区在经济发展水平、社会需求等方面存在显著差异，这也决定了慈善信托业 务不能采取"一刀切"的模式。 聚焦一 信托公司的守正与创新 在信托目的方面，慈善信托关注领域相对集中，教育、乡村振兴和医疗是关注最多的三个领域。中 国公益研究院根据慈善中国平台数据整理后发现，上述三个领域在2025年上半年分别备案42单、23单和 9单。体现出委托人和受托人愈发从慈善信托开展的效率和精准度入手，寻求用更短的时间、更匹配的 资源，有效达成慈善目的。 中诚信托在全国累计备案慈善信托68单，备案规模超过2亿元，遍布4个省/直辖市，惠及群众46万 人次，其中，教育与乡村振兴是其主要发力领 ...

财产总规模97.09亿元，备案单数2523个，这是截至2025年9月2日可统计的慈善信托数据。 通过分析可以发现，《中华人民共和国慈善法》实施9年来，慈善信托已在全国多地生根发芽，与 此同时，在以信托公司为主导的这一实践中，慈善信托并非千篇一律，一些具有地方特色元素和场景的 慈善信托，让慈善项目更有亮点和看点。我们看到，少数民族的传统文化和习俗、云南的金丝猴等珍稀 濒危物种、孔孟之乡的教育事业、共富区的邻里食堂以及居家养老等都得到了慈善信托的助力。 责任编辑：袁浩 完善的政策为信托公司开展慈善信托业务减负增效，也提升了社会公众参与慈善信托的热情。在探 寻慈善资金从何而来时，信托的制度优势进一步凸显。除了自有资金及企业捐赠，一些信托公司与各类 金融机构、慈善组织、公益机构精准对接，使各方在慈善信托业务开展中均实现了专业赋能，将财富传 承与慈善公益有机结合，以满足市场多元化的需求。某信托公司与银行私人银行部合作，将慈善信托服 务嵌入银行的客户服务体系中，在交易结构和管理机制设计方面发挥信托的专业优势，在信托财产保值 增值投资方面发挥银行的专业优势，在慈善项目实施等方面发挥慈善组织的专业优势，建立标准化的业 务对接 ...

近日，21世纪经济报道（以下简称《21世纪》）记者就慈善信托如何助力共同富裕专访中国慈善联合会 慈善信托工作委员会主任蔡概还。他指出，慈善信托在缩小财富差距、促进社会公平方面具有不可替代 的作用，但税收优惠落地难、信托登记制度缺失仍是当前最大瓶颈。 《21世纪》：慈善信托在"共同富裕"和"第三次分配"国家战略中的独特价值有哪些？ 蔡概还：党的二十大报告指出，分配制度是促进共同富裕的基础性制度。坚持按劳分配为主体、多种分 配方式并存，构建初次分配、再分配、第三次分配协调配套的制度体系。要引导、支持有意愿有能力的 企业、社会组织和个人积极参与公益慈善事业。 在共同富裕迈向实质性推进的阶段，如何通过制度创新激活三次分配已成为关键议题。慈善信托作为联 结私人财富与公共福祉的工具，正被赋予重要期待。 随着我国社会经济发展和人民收入水平提升，以公益慈善事业为主体的三次分配在推进共同富裕中的作 用将越来越显著。其中，慈善信托是我国公益慈善事业的重要组成部分，也是三次分配的重要新生力 量。发展慈善信托，将有利于我国慈善事业的高质量发展，助推第三次分配，助力共同富裕。 慈善信托的核心要义是慈善信托财产的本金和收益要全部用于公益 ...

Core Viewpoint - Charitable trusts are emerging as a new model that integrates financial tools with public welfare goals, playing a significant role in serving national strategies and adjusting income distribution [1][4]. Group 1: Role of Charitable Trusts - Charitable trusts can effectively address national strategies by providing customized solutions for specific areas such as rural revitalization, common prosperity, and green development [5]. - The independent and sustainable management of charitable trusts allows for the perpetual operation of public welfare resources, enabling long-term investments in areas requiring sustained funding, such as renewable energy and ecological restoration [5][6]. - Charitable trusts serve as a cross-sector platform that integrates various stakeholders, including government, enterprises, and social organizations, to create a synergistic effect in resource allocation [5][7]. Group 2: Advantages for State-Owned Enterprises (SOEs) - SOEs possess significant funding and resource integration capabilities, allowing them to create large-scale public welfare funding pools through charitable trusts [7]. - The social credibility of SOEs provides a natural endorsement for charitable trusts, facilitating trust from the government, public, and beneficiaries [7][8]. - Charitable trusts enable SOEs to align their development outcomes with public welfare, thereby enhancing their role in promoting common prosperity [6][9]. Group 3: Challenges Faced by Charitable Trusts - There are challenges in aligning regulatory frameworks, as existing regulations may not fully accommodate charitable trusts within the scope of SOE donations [8]. - Public awareness and understanding of charitable trusts are limited, leading to high communication costs and low cooperation efficiency [8]. - The successful implementation of charitable trusts requires cross-disciplinary talents who are proficient in industry operations, charitable attributes, and trust mechanisms [8]. Group 4: Motivation for Establishing Charitable Trusts - Policy incentives drive SOEs to establish charitable trusts, as the government encourages new donation methods to support various social initiatives [9]. - The inherent responsibilities of SOEs necessitate their involvement in social welfare, making charitable trusts a strategic choice for fulfilling these obligations [9][10]. Group 5: Integration with Core Business - Charitable trusts can be integrated into the entire energy industry chain, addressing local issues such as education through targeted funding [10]. - SOEs can leverage their infrastructure to create a comprehensive public welfare network, ensuring long-term funding for charitable initiatives [10]. - This integration fosters a virtuous cycle where public welfare projects support business development, and business growth, in turn, enhances public welfare contributions [10].

《21世纪》：慈善信托在"共同富裕"和"第三次分配"国家战略中的独特价值有哪些？ 蔡概还：党的二十大报告指出，分配制度是促进共同富裕的基础性制度。坚持按劳分配为主体、多种分 配方式并存，构建初次分配、再分配、第三次分配协调配套的制度体系。要引导、支持有意愿有能力的 企业、社会组织和个人积极参与公益慈善事业。 随着我国社会经济发展和人民收入水平提升，以公益慈善事业为主体的三次分配在推进共同富裕中的作 用将越来越显著。其中，慈善信托是我国公益慈善事业的重要组成部分，也是三次分配的重要新生力 量。发展慈善信托，将有利于我国慈善事业的高质量发展，助推第三次分配，助力共同富裕。 慈善信托的核心要义是慈善信托财产的本金和收益要全部用于公益事业。同时，2023年修正后的《慈善 法》增加一条规定，即第46条规定，慈善信托的委托人不得指定或者变相指定其利害关系人作为受益 人。慈善信托的受托人确定受益人，应当坚持公开、公平、公正的原则，不得指定或者变相指定受托人 及其工作人员的利害关系人作为受益人。 这意味着慈善信托具有与慈善捐赠一样的纯公益性，人们将自己合法所有的财产拿出来设立慈善信托， 就不能再将该财产拿回去，而通常须全部用 ...

Core Viewpoint - Charitable trusts are emerging as a new model that integrates financial tools with public welfare goals, playing a significant role in serving national strategies and adjusting income distribution in the context of promoting common prosperity and deepening financial supply-side reforms [1][2]. Group 1: Role of Charitable Trusts - Charitable trusts can effectively mobilize various social resources through professional asset management, addressing public needs in areas like green development and inclusive finance, while enhancing the credibility of financial services through transparency [3][4]. - The unique characteristics of charitable trusts allow for targeted service models that align with specific national strategies, such as rural revitalization and ecological protection [4]. - Charitable trusts enable sustainable operation of public welfare resources through mechanisms like "retaining principal and using interest," allowing funds to serve strategic goals over extended periods [4][5]. Group 2: Integration and Collaboration - Charitable trusts serve as a cross-sector platform that integrates resources from government, enterprises, and social organizations, creating synergistic effects that enhance the effectiveness of public welfare initiatives [4][6]. - The ability of state-owned enterprises (SOEs) to link industrial resources through charitable trusts is crucial for addressing imbalances in development and pooling donation resources [4][6]. Group 3: Transparency and Accountability - The structured operation of charitable trusts, including professional management and regular disclosures, ensures that funds are accurately aligned with specific national strategic goals, thereby enhancing public trust in charitable activities [5][6]. Group 4: Advantages and Challenges for State-Owned Enterprises - SOEs possess significant advantages in establishing charitable trusts due to their stable funding and resource integration capabilities, which can create large-scale public welfare funding pools [6][8]. - The public credibility of SOEs provides a natural endorsement for charitable trusts, facilitating trust from the government and the public [6][8]. - Challenges include regulatory complexities and a general lack of understanding of charitable trusts among the public and within SOEs, which can hinder effective collaboration and implementation [8][9]. Group 5: Motivation for Establishing Charitable Trusts - Policy incentives are a primary driver for SOEs to establish charitable trusts, as the government encourages the development of such trusts to support various social initiatives [9][10]. - The inherent responsibilities of SOEs to fulfill political and social obligations necessitate their involvement in charitable activities, with charitable trusts serving as a key mechanism for achieving these goals [9][10]. Group 6: Integration with Core Business - Charitable trusts can be integrated into the core operations of SOEs, leveraging industry advantages to create sustainable public welfare initiatives that align with business objectives [10]. - By embedding charitable projects within the entire energy industry chain, SOEs can address local community needs while simultaneously enhancing their operational footprint [10].

Core Viewpoint - The article discusses the innovative structure and practical challenges of charitable trusts, emphasizing the need for customized terms to meet diverse public welfare demands while balancing fund security and charitable effectiveness [1][4]. Group 1: Charitable Trust Structure Design - Charitable trusts can be designed with "customized terms" to address various public welfare needs, such as education, healthcare, and rural revitalization [4]. - The design allows clients to set the trust's name, purpose, decision-making model, beneficiary scope, fund usage, and duration, with regular disclosures to ensure public oversight [4]. Group 2: Investment Strategy - The primary focus of charitable trusts is on fund security, followed by liquidity and returns, with investments primarily in deposits, money market funds, cash management products, and high-rated bonds [4][8]. - The "leave the principal and use the interest" model is suggested for sustainable operations, ensuring that only investment returns are used for charitable expenditures [8]. Group 3: Challenges in Non-Monetary Charitable Trusts - The lack of a dedicated registration system for non-monetary assets like equity and real estate poses significant challenges for establishing charitable trusts [5]. - Current regulations require tax payments on non-monetary asset transfers, complicating the establishment of charitable trusts with such assets [5]. Group 4: Collaboration with Charitable Organizations - Charitable trusts and organizations complement each other, with trusts benefiting from the operational experience of established charitable organizations in project selection and management [6]. - Trust companies are encouraged to collaborate with reputable charitable organizations to enhance project execution efficiency [6]. Group 5: Fund Management and Supervision - Charitable trusts utilize unique advantages of the trust system, such as asset independence and flexible management, to ensure funds are used according to the trust agreement [7]. - Trust companies implement strict fund disbursement protocols, requiring project execution entities to provide complete documentation for fund usage [7]. Group 6: Regulatory Challenges - New regulations from the Ministry of Civil Affairs and the Financial Regulatory Bureau require charitable trusts to spend a minimum of 3%-6% of their net asset value annually, which may challenge the "leave the principal and use the interest" model [9]. - Trust companies must find financial products that meet return requirements while managing risks to ensure compliance with spending regulations [9]. Group 7: Innovative Practices by Kunlun Trust - Kunlun Trust has developed a wide range of charitable trust products addressing various social issues, including rural revitalization and community governance [10]. - The trust has established the first equity charitable trust registration case in the country and has launched several innovative charitable trust models [12].