LOS ANGELES, July 29, 2015 /PRNewswire/ -- An innovative, never-before-seen crowdfunding campaign launched today via IndieGoGo entitled "The Official China Bailout Fund." The campaign aims to raise one million dollars in relief funds to be sent to China at the conclusion of the campaign period. The proceeds will be given to organizations that can directly help the poor people of China, including infrastructure, economy, and healthcare. The campaign can be found at http://igg.me/at/w3TVL4u0KtI/x/11445572.
Photo - http://photos.prnewswire.com/prnh/20150728/247277
Created by Henry Fu, a local social entrepreneur, the campaign came to fruition after seeing the Chinese citizens suffering and struggling due to the extreme poverty rampant in the nation. To make matters worse, the recent plunging stock market in China has exacerbated the situation and has created a new set of problems for the newly struggling middle class and the Chinese government as well. He is also keenly aware that China has some of the poorest people in the world, yet this is kept very quiet by the media which instead prefers to project an image of the Chinese "nouveau rich" rather than the countless citizens who suffer. A few statistics about poverty in China:
- 11.8% of the population or (157 million people) live on less than $1.25 a day
- 27.2% of the population or (362 million people) live on less than $2 a day
- 36.5% of the population or (486 million people) live on less than $2.50 a day
- 58% of the population or (772 million people) live on less than $4 a day
- 67.8% of the population or (902 million people) live on less than $5 a day
- The top 5% of the country's households took home 23% of the total household income in 2012, while the bottom 5% earned just 0.1%
The campaign comes on the tails of the recent IndieGoGo Greek Bailout Fund campaign that closed on July 6, 2015 earning more than €1,900,000 in donations! However, unlike most IndieGoGo campaigns, the Chinese Bailout Fund will not be offering perks to those who donate so a higher percentage of the funds can go to their causes. The funds, depending on what country they originate, may be eligible for tax deductions.
While income of the poor in China is growing, the rich are getting richer much faster: between 2002 and 2007, the income ratio of the country's richest 10% and the poorest 10% increased from 19:1 to 25:1, according to the World Bank. Driving the phenomenon are developmental policies that favor heavy industry, cities, and special economic zones in coastal areas. To compound matters, the Shanghai Composite Index has lost 20% of its value since June 12, 2015 while the Shenzhen Composite is down around 30% over the same trading period, wiping out billions of dollars in net worth. This stock market crash has created the real sense of urgency and has profoundly compounded this financial and social crisis.
"The Chinese stock market and poverty crisis is immensely larger and more critical than the Greek crisis you constantly see in the news," says founder Henry Fu. "Without China's health, the whole world is threatened with price spikes, economic turmoil, and the potential destruction of our least fortunate."
About China Bailout Fund
China desperately needs help and we need to act now. China is very deep in an unprecedented economic crisis that threatens all of our ways of life unlike no other country can. The Chinese stock market and economy are crashing and the poor people of China are in dire straits. To learn more about the Chinese Bailout Fund, visit http://igg.me/at/w3TVL4u0KtI/x/11445572.
Media Contact: Sara Gardner, 1-888-317-4687 ext. 702, Email
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SOURCE China Bailout Fund
