Tyler Cowen notes an unsavoury fact about the Chinese economic miracle:
…of the 3,220 Chinese citizens with a personal wealth of 100 million yuan ($13 million) or more, 2,932 are children of high-level cadres. Of the key positions in the five industrial sectors – finance, foreign trade, land development, large-scale engineering and securities – 85% to 90% are held by children of high-level cadres.
Cowen lifted the above quote from an interesting article that details how the regime in Beijing controls economic data coming out of the Middle Kingdom, which helps to prompt foreign investors to keep funding the great confidence trick that is the modern Chinese economy.
The family connections of China’s super-rich and captains of industry must be considered alongside rosy economic statistics provided that expound China’s development. These filial links between the commanding heights of China’s supposedly private sector and its government betray the fact that China Inc. is the unholy alliance of a dictatorial regime and the application of corrupted ‘free’ market ideals. Such an arrangement will fail in due course, and will probably fail spectacularly since it has come this far.