Gates and Buffett to host banquet for China's super rich

Bill Gates and Warren Buffett will Wednesday host a banquet for China\'s super-rich that has sparked debate about Chinese philanthropy, amid reports that wealthy invitees have been reluctant to attend.

Gates and Buffett, who have managed to persuade 40 wealthy individuals in the United States to hand over more than half of their fortunes, have insisted they simply want to learn about China\'s approach to charity at the dinner.

The event is shrouded in secrecy but the state-run Global Times said Wednesday those invited included Pan Shiyi and Zhang Xin, chairman and CEO of property developer SOHO China, and Niu Gensheng, founder of Mengniu Dairy.

Chinese film star Jet Li, himself a philanthropist, has said he will meet Gates and Buffett before the banquet to chat about charity.

The banquet has caused a stir in China, the world\'s second largest economy, where the number of rich people is growing fast in parallel with the nation\'s stunning economic development.

The Asian nation has 64 dollar billionaires, second only to the United States\' 403, according to Forbes magazine, and the number of millionaires rose by 31 percent in 2009 compared to the previous year, state media has said.

Still, the official Xinhua news agency reported earlier this month that only a small number of business leaders had confirmed their attendance at the banquet for fear of being pressured to give.

The Global Times said in a commentary piece that philanthropy was still in its infancy in China and was "not popular among Chinese business people".

"A lack of reliable channels to donate and a lack of supervision on the use of the funds are strong reasons," it added.

But philanthropy is nevertheless making inroads in the Asian nation.

Tycoon Chen Guangbiao, for example, pledged this month to give his fortune -- estimated at more than 700 million dollars -- to charity after he died and said more than 100 other Chinese had since contacted him to promise the same.

"If you have a cup of water, that\'s for one person to drink. If you have a bucket of water, that\'s for your family to drink. But if you own a river, you should share it for all to enjoy," Chen, 42, recently told AFP in an interview.