…of the 3,220 Chinese citizens with a personal wealth of
100 million yuan ($13 million) or more, 2,932 are children of high-level
cadres. Of the key positions in the five industrial sectors–finance, foreign
trade, land development, large-scale engineering and securities–85% to 90% are
held by children of high-level cadres.
Here is the longer story, interesting for its dissection of "China scholars."
Thanks to Kent Guida for the pointer.
Hmm.. I find Far Eastern Economic Review to be very one sided (I read the physical copies). And sometimes, some of their data cannot be confirmed by other sources. And other times, it’s plain propaganda. (If you read back issues, you’ll find the buzz around Baghdad happening about 2-3 years before the first Gulf War. They had articles condemning Afghanistan before the Mujahideen took over from the Ruskies in the 70s (with help from the CIA, nonetheless). And so on and so forth. It’s an interesting read of ’92′s FEER Year Book – on Vietnam, Japan and so forth.
In short, I’m saying that FEER is very biased in their views, and has a very propagandic feel. Some tamer sources like HBR is a better read. (I wonder why I still subscribe to FEER though)
So, I doubt their “facts”.
Any idea how this compares to Russia?
here’s my China fact of the day, courtesy of Brad Setser at RGE:
“And as a share of China’s GDP, China is spending more subsidizing US consumption than the US is spending in Iraq”
I read the article from FEER after I saw the March monetary aggregate and February inflation data from China. In the context of Mr. Holz’ comments, might we be seeing the most systematic transfer of wealth in human history as funds pass from “institutions” into the hands of the party elite through “bank loans” and thence into real property and commodity hoards? Is this not a textbook example of what Mr. Bastiat termed, “legal plunder.”
Holz does good research, but his criticisms are vastly overstated.
The newest textbook on the Chinese Economy, by Barry Naughton,
discusses the pervasive role of the Party in all aspects of
Chinese economic and social life. The major political science texts
(e.g. those by Saich or Lieberthal) spend much more time on
the Party’s dominance of government and on the role of informal
leadership cliques than they do on the almost-irrelevant formal
institutions of power.
It is true that researchers studying China need to be careful
both about what they study and how they phrase their findings.
And of course it’s much easier to run a statistical analysis on
the easily available economic data than to conduct your own survey
or to try to get insider information about elite politics. But
Holz blows the problem way out of proportion.
Chinese Domestic Foreign Policy Expert Presenting in NY
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Chautauqua is a great place to vacation. If you are interested in Sino-US relations and the growing influence of China, I recommend you check out the schedule. For further information you can review the program brochure located at: http://www.ciweb.org/SUMMERatchautauqua_web.pdf
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