The Chinese Federation For Corporate Social Responsibility has held its inaugural meeting at Beijing University and announced its formal foundation.

Launched by 13 Chinese and foreign-owned enterprises including China Merchants Bank, IBM, Ping An Insurance, China Vanke Company, Nokia, HP, TCL and Junyao Group, CFCSR aims to support the sustainable development in underprivileged areas of China and undertake more social responsibility. It will make efforts to promote the construction of corporate social responsibility in China by the promotion of government agencies, supervision of non-government organizations and the self-discipline of corporate entities.

Li Yining, honorary dean of Beijing University's Guanghua School of Management, says that Chinese corporations bear inevitable responsibility in building a harmonious society and realizing sustainable economic development. He hopes that more corporations can join in the federation.

Ma Weihua, chairman of CFCSR and president of China Merchants Bank, says that the establishment of CFCSR will create a platform for Chinese corporations to join hands to do something good for the society and carry out the welfare plans to support the poor.