China’s masters of the universe

Posted: February 1st, 2012 | Tags: , , , , | No Comments »

The Sunday Times published a story (paywall) on the weekend about China’s top 10 most powerful figures in the country’s state-owned business sector. The figures sit atop of a diverse range of business empires that have two major things in common: they are owned by the government, and hold a near monopoly in their industry. Several of the heads are also so-called princelings, the offspring of Communist revolutionaries that helped found modern-day China in the 1940s and whose families continue to wield enormous political power. In February 2011, Xinhua reported that the Chinese government directly controlled 121 companies worth roughly $3.65 trillion through the State-owned Assets Supervision and Administration Commission.

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