Beijing Fund Town donates to children's center

Beijing Fund Town, a government-backed fund industry cluster in the capital's Fangshan district, has established its first official charity fund and donated 1 million yuan ($154,000) to the Fangshan Children's Welfare Center.

"It is the biggest single donation we've ever received," said Li Zhong, head of the center. "The welfare center will use this money to provide a better environment for disadvantaged children to grow up in."

So far, 756 companies and institutions have moved into the fund town, and the zone's total assets under management now exceed 1.25 trillion yuan. The country's first fund industry court has been established in Beijing Fund Town to prevent systemic financial risk.