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.
Investigation Report On the Rich &ndash Poor Polarity
Recently, the Research Office of the State Council, the Research Office of the Central Party School, the Research Office of the Central Propaganda Department and Chinese Academy of Social Sciences released the latest investigative report on China’s socio-economic situation. The report detailed the recorded income of different social classes. It showed that the income of middle and upper-class civil officials in many cities already exceeds that of national public officials of developed western European and North American countries.
Children of Officials Own Assets Totaling Over 2,000 Billion Yuan
This report revealed that at the end of March 2006, 27,310 people in mainland China owned private properties (not including foreign properties) worth over 50 million yuan (US$6.25 million) while 3,220 people owned properties worth over one billion yuan ($.13 million). Among those in the latter group, over 92 percent are children of high-ranking officials, owning assets totaling over 2,000 billion yuan ($250 billion). These people are relatively centralized in the provinces of Guangdong, Zhejiang, Jiangsu, Shandong, Fujian and Liaoning, as well as Beijing.
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.
How Billionaires Are Made
In Guangdong Province, 12 large real estate agents are children of high-ranking officials. Their fathers include former committee members of the political bureau, the former vice-chairman of People’s Congress, the former chairman of the Political Consultative Conference, the former premier, etc.
In Jiangsu Province, 15 out of 22 construction contractors are controlled by children of officials, whose fathers include the current Vice Governor, the Vice-Director of the provincial People’s Congress, the former Vice-Chairman of the Provincial Party Committee of the CCP, the former Chief Justice of the Provincial Court, etc.
In Shanghai, the supervisors of nine out of ten large real estate agents are children of high-ranking officials. Excluding two state-owned enterprises, 13 out of 15 construction contractors are also privileged children whose fathers include current members of the Standing Committee of the Political Bureau of the CCP, Vice-Prime Minister of China Huang Ju, and former Vice-Chairman of the City Committee.
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)
