The founders of Alibaba, one of China's biggest retail giants, have promised to set up a charitable fund in the amount of US$3 billion, making it one of the largest in Asia and the largest to date in China.

The fund is intended to focus on healthcare, education, and the environment, although how and when the money will be distributed remains unclear as of yet.

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American entrepreneur Bill Gates, who recently championed investing in the poor in China, applauded this move on Alibaba's part and urged China's wealthy to follow suit.

With 358 billionaires, China has the second-most in the world and yet falls short when it comes to charitable giving.

Philanthropy is still a relatively new concept in China as many wealthy Chinese are fearful that large donations could draw unwanted attention to their fortunes.

As a result, China ranks low on the list of countries that give money to charity, or volunteer to help strangers. However, Alibaba's move to set up a charitable fund is proof that China's philanthropic record is undergoing large and positive changes.

Jack Ma, founder of Alibaba and currently serving as the company's executive chair, is China's eight richest man and sits on the board of many other charitable organizations.

Already, many world obervers hope that Ma will serve as an example to other wealthy Chinese who wish to delve into the new and developing trend of philanthropic donations in China.

Ma himself summarized the purpose of charitable giving in a few concise words: "It is impossible for me to be a doctor. But I can have my own way to save lives."