Bloomberg: “Revolution to Riches”

Back in June, an in-depth report on the accumulated fortune of those acquainted with newly appointed CCP general secretary Xi Jinping prompted China’s infamous Internet custodians to block the Bloomberg website. Now, Bloomberg has added two new articles to launch a series probing into the elite “princeling” class. The series is supplemented by an infographic mapping out the aristocratic weave of family and business guanxi  between descendants of the “Eight Immortals” – those veteran revolutionaries who maintained party power after Mao’s passing. Bloomberg provides a series overview: Bloomberg News series “Revolution to Riches” lifts the veil of secrecy on China’s princelings, an elite class that has been able to amass wealth and influence because of their bloodline. Mapping the family trees of China’s “Eight Immortals,” founding fathers of Communist China who later led the country’s economic opening, Bloomberg tracked 103 descendants and spouses — from the powerful leaders of state-owned conglomerates to their jet-setting, Prada-accessorized grandchildren. The extended family of another princeling, China’s new leader Xi Jinping, amassed a fortune in assets and real state, reporting by Bloomberg shows. The identities and business dealings of this red nobility are often hidden behind state censorship and complex corporate webs. To document them, Bloomberg scoured thousands of pages of corporate filings, property records, official websites and archives, and conducted dozens of interviews from China to the United States. The first article in the Bloomberg series highlights the ideological dissonance between the PRC’s revolutionary forefathers and their affluent offspring, walking us through changes in China’s economy and introducing prominent princelings: 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 ...
« Back to Article

Comments are closed.