Shenzhen research center to promote philanthropy

Shenzhen is looking to use its advantages in financial innovation to promote philanthropy by setting up a research center that combines the two.

The Social Finance and Innovation Center was established on Thursday by Shenzhen-based China Global Philanthropy Institute, the first of its kind in the country, initiated by Bill Gates and several other leading philanthropists.

Ma Weihua, the institute's chairman and former president and chief executive officer of China Merchants Bank Co Ltd, said it is the world's first research center to focus on the development of social finance and innovation.