BEIJING, March 29 (Xinhua) -- Launches of charitable trusts are growing in China as many trust firms leverage their expertise to improve the efficiency of donation use in the fight against the novel coronavirus disease epidemic.

A total of 36 charitable trusts dedicated to epidemic prevention and control had been set up by end-February, whose overall value topped 1.2 billion yuan (about 169.2 million U.S. dollars), data from the China Trust Registration Co., Ltd. showed.

Compared with other charitable donations, charitable trust boasts streamlined procedures and flexible development, said Ma Jianjun, president of the Bohai International Trust Co., Ltd.

The company, licensed in north China's Hebei Province, has recently launched a charitable trust to aid several hospitals in the province and its medical teams sent to coronavirus-hit Hubei Province.

China's trust industry continued to shrink last year amid tighter financial regulation, while sustaining its momentum in supporting the real economy. Financial regulators have urged the trust sector to reorient their business focus to service trusts, wealth management trusts and charitable trusts. Enditem

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