In June 2005, the Ministry of Civil Affairs reported to the State Council for approval, and issued a reply document, agreeing to establish the China Guang Cai Foundation. On February 28th of the same year, 65438+, China Guang Cai Foundation was formally established, with the United Front Work Department as the competent business unit. In June, 2006, the Ministry of Finance of China and State Taxation Administration of The People's Republic of China issued a document, agreeing that China Guang Cai Foundation can enjoy the relevant preferential tax policies of the state.