“Princelings” Rule China’s Corporate World

In light of the recent corruption case in Namibia involving NucTech Corporation, formerly headed by Hu Jintao’s son Hu Haifeng, the Straits Times looks at the business dealings of China’s princelings:

In China, discussions about the business dealings of the ‘princelings’ or taizidang -offspring of political leaders -are considered taboo. People might whisper about them over dinner tables, but will never discuss them in public.

Some princelings, such as Vice-President Xi Jinping, become public figures after being drawn into politics, but their counterparts in the corporate world shy away from the limelight. Nevertheless, they are a force to be reckoned with.

A 2006 study by several Chinese research institutions showed that almost 90 percent of the country’s top leaders in sectors encompassing finance, foreign trade, property development, construction, and stock trading were princelings.

And about 90 percent of China’s billionaires are the children of high-ranking officials.

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