Barry Naughton on the Power of China's Princelings
Heirs of Mao’s Comrades Rise as New Capitalist Nobility
12/26/2012
Bloomberg
Lying in a Beijing military hospital in 1990, General Wang Zhen told a visitor he felt betrayed. Decades after he risked his life fighting for an egalitarian utopia, the ideals he held as one of Communist China’s founding fathers were being undermined by the capitalist ways of his children -- business leaders in finance, aviation and computers.
“Turtle eggs,” he said to the visiting well-wisher, using a slang term for bastards. “I don’t acknowledge them as my sons.”
Click here to read the full article.
Related Links
Barry Naughton is Sokwanlok Chair of Chinese International Affairs. He is the professor of Chinese Economy at the School of International Relations and Pacific Studies. His work focuses on issues relating to industry, trade, finance, and China's transition to a market economy. Recent research emphasizes on regional economic growth in the People's Republic of China and the relationship between foreign trade, investment and regional growth.
Related Stories
China - Politics, Power, Corruption, Capitalism, Disenchantment – Malaysia-Finance Blogspot
Immortals Beget China Capitalism From Citic to Godfather of Golf – en.Parset.com
Heirs of Mao’s comrades rise as new capitalist nobility – Business Mirror
