China’s Communist inheritance: A ticket to wealth | China Commentary | Scoop.it
A generation turned its Communist Party heritage into enormous wealth.

 

THIS HAS BEEN a riveting time for those interested in the marriage of wealth and power in China. A rising elite has fused capitalism and political might with such spectacular success that the egalitarian dreams of Communist China’s founders seem lost in the mists of time. The implications are immense for the world’s second-largest economy.

 

A series of revealing inquiries into the Chinese elite have been published in the last year by Bloomberg News, the Wall Street Journal and the New York Times. With a level of detail not found in the Chinese news media, the articles have portrayed how powerful and well-connected families grew extremely wealthy. Of particular interest are the so-calledprincelings: sons, daughters and grandchildren of the revolutionary founders who fought alongside Mao Zedong and stood with Deng Xiaoping. The children seem to have inherited a golden touch.