China's Richest Man 'to Join the Politburo'

Construction tycoon Liang Wengen, China’s richest man with an estimated fortune  of $9.3 billion, may become the first private business owner to join the central committee of the Chinese Communist Party. From the Telegraph:

Mr Liang, who became a Communist Party member in 2004, would be the first tycoon from the private sector to be welcomed at such a high level, with reports suggesting he could be confirmed at a meeting of the Party’s National Congress in Autumn 2012.

“If Mr Liang is admitted to the central committee this will be a statement of reassurance to the private sector,” Willy Lam, a China analyst at the Chinese University of Hong Kong said.

A Guangzhou-based newspaper, Time Weekly, reported that Mr Liang had been cleared by the powerful Central Organisation Department, which controls staffing positions in the party.

If elected, Mr Liang is likely to be an alternate – or reserve – member. Alternate members cannot cast votes on policy, but can be promoted to full voting members when an existing one retires or dies.

More information on the Central Committee of the Communist Party of China, from Wikipedia.


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