China’s politicians amass huge wealth

China’s politicians amass huge wealth

The fortunes of the richest 100 members of China’s parliament and its advisory body – all dollar billionaires – grew about 64 percent in the four years since Xi Jinping rose to power, according to data from an organisation tracking wealth in China.

Xi has overseen a crackdown on corruption and decadence, and made the fight against poverty a top priority after becoming president in 2013.

Since then, however, the wealth of the upper crust in the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), tracked by the Shanghai-based Hurun Report, has grown faster than the wider economy, the stock market, home prices and wages.

The NPC and CPPCC start their annual sessions in Beijing on Friday. While their membership cuts across society, this year 209 delegates – about 4 percent of the total – have been identified by Hurun as each being worth 2 billion yuan ($290.7 million) or more.  Their combined wealth is close to the GDP of Belgium, totaling nearly 3.5 trillion yuan, or more than $507 billion.  PHOTO: Xi Jinping  READ MORE:
http://economictimes.indiatimes.com/articleshow/57427034.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Leave a comment

Your email address will not be published. Required fields are marked *

-->