Mercedes-Benz Star Fund established in China

Mercedes-Benz (China) Ltd announced the establishment of the Mercedes-Benz Star Fund yesterday - at 30 million yuan the company's largest startup funding for a charity worldwide and its first in collaboration with nationwide dealers - at launch ceremony yesterday at the Great Hall of the People.

Its partner in the effort is the China Youth Development Foundation (CYDF), one of the most influential NGOs in China, which initiated the Project Hope two decades ago to improve rural education across the country.

"Proactively shouldering social obligations is an important part of our corporate strategy," said Ulrich Walker, chairman and CEO of Daimler Northeast Asia.

Third-biggest market

"As a leading auto brand, we are privileged to witness fast expansion and are proud to grow with China. This is where we have been given the opportunity to achieve remarkable results - and it is here that we also give our best to Chinese society and its people," he said.

China became the world's largest auto market last year and now ranks as the third-biggest market for Mercedes-Benz after Germany and the United States.

Mercedes-Benz and its parent company Daimler have devoted a great deal of energy over recent years to corporate social responsibility (CSR) in environmental protection, education, music, arts and sports, charity and disaster relief as well as the culture of driving.

From funding scholarships for Peking University in 1994 to disaster relief efforts, Daimler has contributed tens of millions in funding.

One example is a new Mercedes-Benz School built in Shifang, Sichuan to provide better learning environment for hundreds of children whose school was severely damaged during the 2008 earthquake.

Daimler and its partners also committed to donating 5 million yuan to relief efforts following another earthquake, which devastated Yushu, Qinghai province.