Tuesday, December 30, 2008

Dissenting View on how Economic Turmoil will affect China

From Time Magazine:

"You can tell that the senior leaders know political change will come to China eventually and that the Party can't hang on indefinitely," says the diplomat. "That's why 90% of their children are in business, not working their way up the Communist Youth League or whatever. But that change is 15, 20 years down the road. That's not going to happen now, even if it is a very bad downturn. Change will come to China. But not yet. Not now."
I get the sense though that communications technologies are becoming increasingly difficult for the Party to monitor and control. The point about the kids of Senior Members is an interesting one however - and while it is an indication of how things have changed in where Party members see that they can accumulate the most wealth, money/prestige, it's also part of the problem. From China Digital Times, in 2006:
90 percent of China’s billionaires are children of senior officials. There are about 2,900 senior officials’ children in China, with total wealth amounting to two trillion yuan. Their businesses mainly cover 5 areas: finance, foreign trade, land development, large-scale projects, and bonds and securities. They either own their businesses or are senior managers in big companies.


SBL BPO said...

Good post...

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Advin Steven said...

Another great article. I like that you are very honest and direct to the point.

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kim Anderson said...

Great post for a such a wonderful blog. well we know Economic Turmoil will affect china.
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