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  • In the first quarter of 2015, China reportedly saw a new billionaire emerge every week. After

  • the United States, China has the most billionaires in the world, and in the last 15 years the

  • number of billionaires has skyrocketed from just two to over 300. So, why does China have

  • so many billionaires?

  • Well, since 1978, china’s economic growth exploded following the reversal of strict

  • Communist policies instituted by former leader Mao Zedong. In the past few decades, the country’s

  • per capita wealth has increased by nearly 10% each year. China has gone from being an

  • isolated, closed-market economy to operating countless international businesses utilizing

  • more capitalist ideals.

  • Today, Chinese economic policy encourages increased foreign trade and investment. Notably,

  • in the 1990s, previously-state-controlled businesses were privatized and given new freedom

  • to pursue profits. Lack of comprehensive regulations for laborers, construction work and environmental

  • pollution have also allowed new Chinese businesses in tech, real estate and retail industries

  • to flourish.

  • But billionaires also reap huge profits from rampant corruption. Money from new ventures

  • flows mainly upwards to an elite group of business executives and politicians. Reportedly

  • about 10% of government spending, contracts and transactions are usedas kickbacks

  • and bribes, or simply stolen." This corruption may stem from some traditional Chinese business

  • relationships which undermine free market policies. Additionally, there is a longstanding

  • precedent of criminal immunity for high ranking members of China’s ruling party. However,

  • the current president has led an anti-corruption crackdown, leading to powerful figures being

  • scrutinized. China’s ex-security chief was recently sentenced to life in prison for taking

  • bribes, and billions of dollars were confiscated from his family.

  • Income inequality between billionaires and the poor is even more severe than many reports

  • indicate. This is due to the wealthy hiding excess funds in overseas bank accounts or

  • other difficult to trace foreign investments.

  • But because of recent corruption scandals among the wealthy, Chinese Billionaires are

  • hesitant to broadcast their true wealth. members of China’s wealthy elite avoid the public

  • spotlight, and are known asVampire Billionaires." Many choose to spend their time abroad, and

  • have been buying significant amounts of foreign real estate in cities like New York and San

  • Francisco.

  • Despite recent and severe stock market fluctuations in China, the economy is expected to continue

  • growing. One financial expert suggests that due tohigh growth opportunitiesin

  • Asia, the number of Chinese billionaires will surpass the number of American billionaires

  • in just 5 to 10 years. China’s national wealth is even predicted to overtake the US’s

  • by 2026. However, China must deal with severe corruption located deep within its own political

  • identity, before it can completely realize its full economic profit potential.

  • CTA China has a tumultuous history with its Communist

  • past. One of their biggest splits was with neighboring Taiwan. Find out why the two countries

  • hate each other in this video. Thanks for watching TestTube, don’t forget to like

  • and subscribe, we release new videos daily!

In the first quarter of 2015, China reportedly saw a new billionaire emerge every week. After

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中國為什麼會有那麼多億萬富翁? (Why Does China Have So Many Billionaires?)

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    Jack 發佈於 2021 年 01 月 14 日
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