"Membership of the National People's Congress provides wealthy businessmen a powerful platform and secures their support for the Communist Party of China."
The net worth of the 70 richest delegates at the National People's Congress (NPC), the Chinese Parliament and top legislative body, the country's 3,000-member legislative house, rose by a stunning $11.5 billion last year. The Hindu : Opinion / Op-Ed : In China's parliament, a long list of millionaires.
The 70 richest delegates' net worth was $89.8 billion. Their appointment to government bodies handed them a powerful platform in a business climate which values official contacts. The practice of bringing in China's wealthiest individuals into political advisory bodies largely serves two purposes. For the party, giving the business elite a voice in policy decisions was seen as a way of securing their political support. For the businessmen, there was “strong incentive to become ‘within system' due to the relative weakness in the rule of law and of property rights”
The marriage of business and politics that takes place at the highest levels has increasingly become a source of public anger and debate. This has been reflected in the growing resentment towards official corruption and renewed calls for economic reforms, amid concerns about fast-rising inequality.
China must not shut its eyes to the powerful, vested interests that have been monopolising the benefits of China's reform and opening movement, thus impeding deeper reform. The core of reform is not about opening coastal cities to boost the economy but about paying more attention to people's social welfare.
The 70 richest delegates' net worth was $89.8 billion. Their appointment to government bodies handed them a powerful platform in a business climate which values official contacts. The practice of bringing in China's wealthiest individuals into political advisory bodies largely serves two purposes. For the party, giving the business elite a voice in policy decisions was seen as a way of securing their political support. For the businessmen, there was “strong incentive to become ‘within system' due to the relative weakness in the rule of law and of property rights”
The marriage of business and politics that takes place at the highest levels has increasingly become a source of public anger and debate. This has been reflected in the growing resentment towards official corruption and renewed calls for economic reforms, amid concerns about fast-rising inequality.
China must not shut its eyes to the powerful, vested interests that have been monopolising the benefits of China's reform and opening movement, thus impeding deeper reform. The core of reform is not about opening coastal cities to boost the economy but about paying more attention to people's social welfare.
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