Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 2 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
China’s ‘super rich’ lawmakers get richer: Report
March 03, 2018
 Print    Send to Friend

Beijing: The Chinese Communist Party’s annual legislative session will count more than 150 “super rich” members whose total net worth has soared to $650 billion, or double Ireland’s annual GDP, a report showed on Friday.

From internet tycoons to real estate barons and auto industry leaders, some of the wealthiest people in the world’s second-largest economy will grace the corridors of the Great Hall of the People for meetings that start this weekend.

Some are members of the Chinese People’s Political Consultative Conference (CPPCC), a top advisory body, which convenes on Saturday.

Others will attend the National People’s Congress, the rubber-stamp legislature, which opens its two-week session on Monday.

The NPC has the momentous task this year of passing a constitutional amendment that will lift presidential term limits, clearing the way for President Xi Jinping to stay in power beyond the end of his second five-year term in 2023.

Of the 5,130 delegates expected at the two assemblies, 153 individuals are among the “super rich” compared to 209 last year, according to a survey by Shanghai-based luxury magazine publisher Hurun Report.

While there are fewer of them this year, their net worth totals $650 billion, up from $507 billion last year, according to Hurun.

The list includes 102 dollar billionaires, roughly the same number as in 2017.

NPC delegates include Pony Ma, the chief of internet giant Tencent and the richest of all legislators with $47 billion, smartphone maker Xiaomi’s CEO Lei Jun and car manufacturer Geely’s chairman, Li Shufu.

Among delegates attending the CCPPC meeting are Baidu’s Robin Li, Liu Qiangdong, the founder of e-commerce giant JD.com, and real estate developer Evergrande’s Xi Jiayin, the second-richest attendee with a net worth of $41 billion.

Among this year’s delegates, 28 were among China’s 100 richest people on Hurun’s annual list of the country’s wealthiest individuals last year.

The super rich remain welcome in parliament even as the government has moved aggressively over the past year to slam the brakes on private companies which have ran up gargantuan debts to fund pricey overseas acquisitions.

Agence France-Presse

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
China will ‘protect its citizens abroad’
BEIJING: China’s foreign minister vowed on Tuesday to protect its citizens abroad as a Canadian court decided whether to release a technology executive on bail in a case ..
China’s Rover to explore dark side of Moon
BEIJING: China launched a rover early on Saturday destined to land on the far side of the moon, a global first that would boost Beijing’s ambitions to become a space supe..
China slams Huawei executive’s arrest
BEIJING: China reacted furiously on Thursday after a top executive and daughter of the founder of Chinese telecom giant Huawei was arrested in Canada following a US extra..
North Korean FM to visit China this week
BEIJING: North Korea’s foreign minister will visit China this week for three days to meet senior officials and discuss the situation on the Korean peninsula, China’s fore..
China extradites graft suspect from Bulgaria
BEIJING: China has extradited from Bulgaria a former official accused of taking bribes, the first such return from a European Union country, the country’s top graft buste..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright