(Xinhua)
Updated: 2008-01-16 17:03

BEIJING - The Red Cross Society of China (RCSC) received on Wednesday 12 million yuan (about US$1.6 million) from China Merchants Securities, the single largest donation since its founding in 1904.

The donation will be first used in two RCSC programs to help urban residents suffering psychological pressure and improve medical conditions in poverty-stricken areas.

Shenzhen-based China Merchants Securities Co. Ltd., a unit of China Merchants Bank, is a leading securities company in the country.

"Red Cross is a welfare undertaking that serves society and helps the disadvantaged," said RCSC vice president Guo Changjiang. "We hope to get more understanding and support from responsible enterprises and individuals."

In 2007, RCSC received 2.1 billion yuan (about US$269 million) worth of donations and has distributed 1.38 billion yuan (about US$189 million) on disaster-relief and welfare programs.