The number of private foundations set up in China reached 2,961 in the third quarter of 2012, about three times that of 2005, the Ministry of Civil Affairs said on April 16.

The number of foundations in China has continued to increase steadily in recent years, with the number of private foundations overtaking public ones for the first time in 2011, according to a report released by the ministry's Non-Governmental Organization Administration.

The total assets of foundations across the country reached 78.5 billion yuan ($12.71 billion) in 2011, up 29.91 percent from 2010, figures from the report show.

Foundations received donations worth 40.1 billion yuan ($6.49 billion) and spent 28.9 billion yuan ($4.68 billion) on charity programs in 2011, according to the report.