Total wealth of 36 tycoon delegates surpasses Vietnam's GDP

By Liu Qiang
0 Comment(s)Print E-mail China.org.cn, March 3, 2015
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Thirty-six deputies to the National People's Congress (NPC) and members of the Chinese People's Political Consultative Conference (CPPCC) join the rank of the 100 wealthiest people on the Hurun China Rich List 2014 released last September.

According to the Hurun list, these 36 billionaire delegates have a combined wealth of 1.2 trillion yuan (US$ 191.88 billion), which is bigger than Vietnam's GDP (US$ 170.565 billion) and 3.51 times larger than the GDP of the southern province of Hainan.

Seventeen of them were born in the 1960s, including the richest CPPCC member Li Hejun, chairman of Hanergy Holding Group Ltd, who ranks third on the list with a net worth of US$ 20.8 billion. Fifteen are NPC deputies and the rest are CPPCC members, including three female entrepreneurs.

Eleven of them were born in the 1950s and six in the 1940s including Wahaha's Zong Qinghou, the richest NPC deputy with a personal fortune of US$ 20.8 billion. Two were born in the 1970s, including CEO of Tencent, 43-year-old Pony Ma Huateng, ranking the fifth with US$18.1 billion just after Zong Qinghou.

The proposals of these billionaire delegates were always placed under intense media scrutiny during previous annual NPC and CPPCC sessions, with some proving popular and others drawing criticism. Some of the proposals by the businessmen-turned-politicians were criticized for not being down-to-earth and merely seeking profit for their own industries. "We often see that their proposals are more or less related to their own industries. They want to push for their own benefits via the annual meetings," said Professor Tao Wei from the School of Economics and Management at Tsinghua University.

However, for some, the wealth gap among the delegates is not a problem. "Overall, the number of billionaire delegates will not make much difference. Many parliament members in Western countries are also wealthy," said professor Zhou Zhiren from the School of Government, Peking University. Zhou proposed that their membership should be cancelled if the public are not satisfied with their proposals.

Lei Jun, chairman of the smart phone maker Xiaomi, called for a more favorable environment for start-up businesses at the 2013 annual meetings. He hopes to push for a revision of the Company Law during his five-year tenure as a NPC deputy. "My proposals are more practical, so I think they can solve problems. I would like to do some concrete work during my first tenure," Lei said.

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