Tuesday, January 15, 2019

China Mints a New Billionaire Every Two Days But Will It Last Under Xi Jinping ?

According to Bloomberg, by one estimate, China mints a new billionaire every two days.

In the clip below Bloomberg takes a look at how China remains a nominally Communist state while becoming a hotbed for billionaires-in-the-making.

I hasten to add. this is the situation now, but current president Xi Jinping has a very strong statist streak in him that could once again put the country on the road to central planning disaster. Deng Xiaoping was the big reformer who turned the country in the direction of free markets after the death of Mao. Now, things may be moving in the wrong direction.


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