4 ms·
Are the Chinese rich mostly (former) Communist elite members who succeeded on grabbing assets during privatizations or are many of them self made entrepreneurs?
by flexie 13y ago
Are the Chinese rich mostly (former) Communist elite members who succeeded on grabbing assets during privatizations or are many of them self made entrepreneurs?
- patio11 13y agoYes. The more-content less-joking answer to this question involves things like self-made entrepreneurs whose first dollar came from a $10 million dollar contract from a factory owned by the Chinese army which, totally freakish coincidence time, happens to be run by their dad. The magic word for Googling about this is "princeling."
- jzwinck 13y agoAnother magic word to Google is "Guanxi," the Chinese version of "networking" in the old-school social sense, but more...intense.
- twelvechairs 13y ago"Princelings" are the children of the high ranking communist party members. As they have huge political influence they are probably the polar opposite of what is being described in this article - they are unlikely to leave because they are benefiting from the system not worried about being bitten by it.
- SiVal 13y agoOn the contrary, communist officials know better than anyone how arbitrary power based on political connections can be and many are buying homes in the US in preparation for any sudden changes in their status. Many of these princelings have prepared escape routes in case the tide turns against them.