Power, wealth can create a toxic brew in China

08:14, September 14, 2010      

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China's "red clans," which include some political figures, are now among the super rich in China, according to the most recent issue of China Comment, a Xinhua News Agency periodical.

The article warned against alliances between political and business leaders.

"The red clans are in possession of abundant political resources and easy to obtain business opportunities and priorities," the article said, adding that they are mainly engaged in basic industries, such as energy and trade that require government sanctions.

"The real estate industry is one of the favorites for red clans," it said.

The magazine identified two other groups as part of China's super rich - ordinary workers who obtain a fortune from nothing and businessmen administrating State-owned enterprises that offer stocks.

The most typical examples for the former are entrepreneurs in South China's Zhejiang and Guangdong provinces, who without any identifiable social status, secure top spots in the fierce marketplace.

A commentary on Xinhuanet.com noted that the latter group also benefit from their close ties to officials.

"When a country's political and economic decisions are made by some privileged clans, it's political and economic policies are futile, reform will yield nothing and the whole society will face more tension," Pan Bisheng, a researcher at the Jiangsu Academy of Social Sciences, told People's Tribune, a biweekly magazine by People's Daily.

According to an Internet survey done by the magazine in March, over 86 percent of 4,975 Internet responders believe that it is important to separate politics from business and those alliances are the biggest concern for the public.

By Peng Pu, Global Times
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(Editor:梁军)

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