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"Most Billionaires in China are Children of CCP Officials


"Most Billionaires in China are Children of CCP Officials
Zheng Ming Magazine Aug 09, 2006


"Combined efforts from official Chinese research institutes revealed in an investigation report that primary posts in the fields of finance, foreign trade, land speculation, major projects and negotiable securities are occupied by the children of high-ranking officials. Among China's billionaires, 85 to 90 percent are children of high-ranking officials.".....

........."Source of Billionaire's Wealth Is Family Power
The source of assets for these billionaires is mainly the power of their family background. They make their money through both legal and illegal means. Methods used by these billionaires include, but are not limited to, importing foreign capital to get return commission, exporting national resources and merchandise for profit, land speculation, obtaining large project contracts by force and even smuggling and tax evasion. "......

......."Editor's Note: China's Special Class of Billionaires
The investigative report results released by the CCP's official research departments perfectly illustrates Deng Xiaoping's policy of "allowing a handful of people to get rich first." It appears that the party "without selfish motives" let its own family get rich first.

Every country has billionaires. However, billionaires in democratic countries depend on their ability, wisdom and painstaking efforts to keep their enterprises going. The billionaires in China, however, depend on their parents' ascendance, so it is not surprising that 90 percent of the current billionaires in China are children of high-ranking officials!

(Reprinted from Zheng Ming Magazine) "


Entry #506


Comment by shalini - August 9, 2006, 9:23 pm
well, its the same in india...the best business to be in is politics...each member of each successive ruling party has made their hundreds of millions of dollars...the children all come to the ivy league colleges to study, a large number of them own properties abroad and then launder their wealth by starting businesses which seem to do phenomenally well. there is no exeption to this in our country.....and if I may add, 95 % of our present day politicians come neither from affluent backgrounds nor educated........many of them are straight from villages where their living conditions/ family backgrounds / etc make you wonder.......infact this new creed of politicins and special class of billionaires is going to be our country's nemesis.
konaneComment by konane - August 9, 2006, 9:39 pm
If we ever go socialist it wll be the very same thing here. Haves and have-nots will be vastly more pronounced than everyone complains about now with no way to change it. However we still have a means for anyone who so desires to work hard work smart to change their lot in life. .... And there's always the lottery!!

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