NYT on China's 'Princeling' Network
Despite my recent blog entry on China's so-called 'Princelings,' in which I side with that disinterested venture capitalist in Shanghai, Mr. Eric X. Li, who assures us that the 'Princelings' are a myth, I see from this weekend's International Herald Tribune that David Barboza and Sharon LaFraniere are perpetuating the myth: "'Princelings' in China Use Family Ties to Gain Riches," which can be read online at the New York Times site. These two 'reporters' tell us:
[E]vidence is mounting that the relatives of . . . current and former senior officials have also amassed vast wealth, often playing central roles in businesses closely entwined with the state, including those involved in finance, energy, domestic security, telecommunications and entertainment. Many of these so-called princelings also serve as middlemen to a host of global companies and wealthy tycoons eager to do business in China.Don't Mr. Barboza and Ms. LaFraniere know that the redoubtable Mr. Eric X. Li has stated that these "assumptions are disconnected from reality and need to be debunked"? Apparently not, for they cite him nowhere despite quoting his nemesis, Minxin Pei, whose disinterestedness I've already challenged in my blog entry on the so-called 'Princelings.' Here's what they quote from Mr. Pei:
"Whenever there is something profitable that emerges in the economy, they'll be at the front of the queue," said Minxin Pei, an expert on China's leadership and professor of government at Claremont McKenna College in California. "They've gotten into private equity, state-owned enterprises, natural resources -- you name it."But Mr. Eric X. Li has already shown that these so-called 'Princelings' are experts in the positions they hold, that they've worked hard for the money -- so hard for the money -- and you better treat them right!