Friday, December 28, 2012

Chinese Billionaires are crashing the Communist Party

When the Communist Party elite gathered last month to anoint China's new leaders, seven of the nation's richest people occupied coveted seats in Beijing's Great Hall of the People. 
Wang Jianlin of Dalian Wanda Group, worth an estimated $10.3 billion and the recent buyer of U.S. cinema chain AMC Entertainment Holdings, took one of the chairs. So did Liang Wengen, with an estimated fortune of $7.3 billion, whose construction-equipment maker Sany Heavy Industry Co. competes with Caterpillar Inc. Zhou Haijiang, a clothing mogul with an estimated $1.3 billion family fortune, also had a seat. As members of the Communist Party Congress, all three had helped endorse the new leadership. 
For years the Communist Party in China filled key political and state bodies with loyal servants: proletarian workers, pliant scholars and military officers. Now the door is wide open to another group: millionaires and billionaires.
Read the whole story HERE.

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