Marginal Revolution: China fact of the day

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China fact of the day

...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.

Here is the longer story, interesting for its dissection of "China scholars."

Thanks to Kent Guida for the pointer.

Posted by Tyler Cowen on April 12, 2007 at 07:59 AM in Data Source | Permalink

Comments

Hmm.. I find Far Eastern Economic Review to be very one sided (I read the physical copies). And sometimes, some of their data cannot be confirmed by other sources. And other times, it's plain propaganda. (If you read back issues, you'll find the buzz around Baghdad happening about 2-3 years before the first Gulf War. They had articles condemning Afghanistan before the Mujahideen took over from the Ruskies in the 70s (with help from the CIA, nonetheless). And so on and so forth. It's an interesting read of '92's FEER Year Book - on Vietnam, Japan and so forth.

In short, I'm saying that FEER is very biased in their views, and has a very propagandic feel. Some tamer sources like HBR is a better read. (I wonder why I still subscribe to FEER though)

So, I doubt their "facts".

Posted by: Chewxy at Apr 12, 2007 8:13:53 AM

Er.. I'm not denying their facts though. I just feel that its extremely propagandic in nature.

Posted by: Chewxy at Apr 12, 2007 8:18:00 AM

Any idea how this compares to Russia?

Posted by: spencer at Apr 12, 2007 9:42:37 AM

The "China scholars" should commission an annual award and name it after Walter Duranty.

Posted by: Ned at Apr 12, 2007 10:46:06 AM

here's my China fact of the day, courtesy of Brad Setser at RGE:

"And as a share of China’s GDP, China is spending more subsidizing US consumption than the US is spending in Iraq"

Posted by: joe at Apr 12, 2007 1:26:05 PM

The current Chinese Communist Party reminds me a lot of Mexico's long-ruling PRI, although a friend argues it is self-reforming, more like Singapore's dominant party. Any thoughts?

Posted by: Steve Sailer at Apr 12, 2007 2:08:48 PM

I read the article from FEER after I saw the March monetary aggregate and February inflation data from China. In the context of Mr. Holz' comments, might we be seeing the most systematic transfer of wealth in human history as funds pass from "institutions" into the hands of the party elite through "bank loans" and thence into real property and commodity hoards? Is this not a textbook example of what Mr. Bastiat termed, "legal plunder."

Posted by: Lawrence D. Glenn at Apr 12, 2007 5:09:49 PM

Chewxy said they had articles condemning Afghanistan before the Mujahideen took over from the Ruskies in the 70s (with help from the CIA, nonetheless).

Uh. You mean the 80s, right? And what's wrong with condemning the Soviet puppet government of Afghanistan?

(And buzz around Baghdad in the late 80s? Well, hadn't Hussein just been gassing Kurds and the like?

I mean, it's not like there was no reason apart from "propaganda" (especially given that the US wasn't exactly itching for a war in Iraq previous to Iraq's invading Kuwait, eh?) to point to Baghdad and say "trouble!", right?)

Or am I missing something here?

Posted by: Sigivald at Apr 12, 2007 5:51:58 PM

Holz does good research, but his criticisms are vastly overstated.
The newest textbook on the Chinese Economy, by Barry Naughton,
discusses the pervasive role of the Party in all aspects of
Chinese economic and social life. The major political science texts
(e.g. those by Saich or Lieberthal) spend much more time on
the Party's dominance of government and on the role of informal
leadership cliques than they do on the almost-irrelevant formal
institutions of power.

It is true that researchers studying China need to be careful
both about what they study and how they phrase their findings.
And of course it's much easier to run a statistical analysis on
the easily available economic data than to conduct your own survey
or to try to get insider information about elite politics. But
Holz blows the problem way out of proportion.

Posted by: A China Scholar at Apr 12, 2007 7:38:42 PM

I took *all* my investments out of China three years ago and put them all into India. In the long run a far better bet I think.

Posted by: Bell Curve at Apr 13, 2007 12:21:36 PM

Chinese Domestic Foreign Policy Expert Presenting in NY

I have been intrigued by the growing influence of China on world affairs, and through my research I came across Elizabeth Economy. She is a Senior Fellow and Director of Asia Studies, at the Council on Foreign Relations. I am looking forward to hearing her speak at The Chautauqua Institution the week of July 9-13.

Chautauqua is a great place to vacation. If you are interested in Sino-US relations and the growing influence of China, I recommend you check out the schedule. For further information you can review the program brochure located at: http://www.ciweb.org/SUMMERatchautauqua_web.pdf

Plan a great summer full of intellectual nourishment.

Posted by: Kim Novotney at Apr 17, 2007 7:07:11 PM

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