Corporate foundations now play growing role

Corporate foundations in China are playing an increasing role in public welfare, according to a report on China's corporate foundation development on Friday.

The report by the China Foundation Center and the consulting company Corporate Citizenship in Action at the China Charity Fair showed there were a total of 285 corporate foundations in China by the end of last year.

Their assets totaled 3.64 billion yuan ($570 million) by the end of 2010.