{"id":1077,"date":"2013-05-10T11:28:19","date_gmt":"2013-05-10T11:28:19","guid":{"rendered":"http:\/\/shehuizhuyizhe.com\/?p=1077"},"modified":"2013-08-23T08:19:36","modified_gmt":"2013-08-23T08:19:36","slug":"mao-zedongs-granddaughter-among-chinas-super-rich","status":"publish","type":"post","link":"https:\/\/chinaworker.info\/en\/2013\/05\/10\/1077\/","title":{"rendered":"Mao Zedong\u2019s granddaughter among China\u2019s super-rich"},"content":{"rendered":"

Billionaires\u2019 fortunes have increased by almost 17 percent in a year while the poor get poorer<\/strong><\/p>\n

chinaworker.info<\/p>\n

Mao Zedong\u2019s granddaughter has climbed into the ranks of China\u2019s richest people. Kong Dongmei, granddaughter of the \u2018great helmsman\u2019, and her husband Chen Dongsheng, have amassed a combined wealth of five billion yuan (US$820 million), according to the Guangdong-based New Fortune magazine. Their personal fortune, which includes ownership of China\u2019s fourth largest insurance company, places the pair at number 242 in the magazine\u2019s annual ranking of China\u2019s super-rich. Kong, who like many descendants of top Chinese leaders, graduated in the US, also owns a Beijing bookshop aimed at \u201cprotecting Communist culture\u201d according to the South China Morning Post.<\/p>\n

The revelation that one of Mao\u2019s descendants ranks among China\u2019s billionaire elite has fired public debate about the rise of princelings \u2013 also known as \u2018red aristocrats\u2019 \u2013 within the nominally \u2018communist\u2019 state. The princelings are descendants of former top Communist Party (CCP) officials. Today they wield virtually untrammelled wealth and power, owning or controlling important economic sectors and increasing their hold over the party-state machinery.<\/p>\n

For the first time, the princelings are in a majority in the CCP\u2019s decisive politburo standing committee, occupying four of seven seats including head of state Xi Jinping, whose father was a famous general and vice-premier under Mao. Xi\u2019s family command a fortune estimated at $376 million, according to a high profile Bloomberg report last June.<\/p>\n

\n
\"\"<\/a>
Billionaire Kong Dongmei and grandfather Chairman Mao<\/figcaption><\/figure>\n

Rich get richer<\/strong><\/p>\n<\/div>\n

The latest wealth findings disprove claims made in 2009 by another grandchild of Mao, Major General Mao Xinyu. \u201cThe Mao Family heritage is honest and clean. None of the Mao family members have entered business. They all live on their modest salaries,\u201d said the general, who is not taken very seriously by the Chinese public.<\/p>\n

New Fortune\u2019s list of China\u2019s top 500 billionaires<\/a>, published on Wednesday, shows a big increase in the wealth of billionaire entrepreneurs. This is \u201cdespite a perception that private businesses may be struggling\u201d noted the government-run news portal china.org.cn. The new list records an average wealth increase of 16.7 percent among the richest 500 Chinese, to 7.16 billion yuan, This year, no one made it onto the list without at least 3 billion yuan in investible assets, A decade ago there were only ten individuals in China worth more than 3 billion yuan.<\/p>\n

\u201cIt seems self-contradictory that Chinese billionaires are enjoying a heyday while the country\u2019s economy is said to be slowing down, but list maker New Fortune Magazine said that was due to the Matthew effect, a phenomenon under which the rich get richer while the poor get poorer,\u201d noted China.org.cn.<\/p>\n

China has one of the most extreme wealth gaps in the world. The government is so sensitive on this subject that official data have not been published for several years. Last year, a think tank under the central bank produced a report putting China\u2019s Gini index, a widely used measure of wealth inequality, at 0.61. Anything above 0.4 is regarded as a serious warning of social and political instability. Only around ten countries have a Gini rating as high as China\u2019s. The pro-capitalist policies of the CCP have enriched a small well-connected minorty, while burdening the masses with runaway costs for basic needs such as education, healthcare and housing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Billionaires\u2019 fortunes have increased by almost 17 percent in a year while the poor get poorer chinaworker.info Mao Zedong\u2019s granddaughter has climbed into the ranks of China\u2019s richest people. Kong Dongmei, granddaughter of the \u2018great helmsman\u2019, and her husband Chen Dongsheng, have amassed a combined wealth of five billion yuan (US$820 million), according to the […]<\/p>\n","protected":false},"author":12,"featured_media":1079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[132,124],"tags":[174],"class_list":{"0":"post-1077","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-china","8":"category-news","9":"tag-china-2"},"yoast_head":"\nMao Zedong\u2019s granddaughter among China\u2019s super-rich - China Worker<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chinaworker.info\/en\/2013\/05\/10\/1077\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mao Zedong\u2019s granddaughter among China\u2019s super-rich - China Worker\" \/>\n<meta property=\"og:description\" content=\"Billionaires\u2019 fortunes have increased by almost 17 percent in a year while the poor get poorer chinaworker.info Mao Zedong\u2019s granddaughter has climbed into the ranks of China\u2019s richest people. 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