China’s first news crowdfunding website was founded on November 28 2013; journalists and freelance journalists could set up their news reporting projects on this platform to raise fund online. A Chinese freelance journalist said if this was recognized in China, it could offer financial support for freelance journalists.
Crowdfunding is to raise money from individuals via the internet to support ideas and efforts initiated by other people, offering them an alternative to banks and other financial institutes. For instance, Kickstarter, a crowdfunding website founded in the U.S.. There were some crowdfunding websites in China, such as Zhongchou.com, demohour, etc. A growing number of Chinese began crowdfunding on these websites.
The news crowdfunding website would be the first in China, journalists or freelance journalists could take advantage of the fund for reporting and investigation. There are news crowdfunding websites precedent in the U.S., France and Taiwan. At present, 12 journalists published their news project on the website, with target fund ranged between 1000 to 8000 yuan (USD 163 to 1305).
Xin Haiguang, a freelance journalist had raised 3170 yuan (USD 517) from 46 supporters. He said crowdfunding offered freelance journalists a reasonable payment, it’s a new business model.
As for the investors’ return, it’s set by fund raisers. In these 12 projects, the return of investment are playing basketball together, invitation to fashion party or an anthology. There’s no real return on capital.