December 28, 2012

Billionaire Princelings Ruin a Chinese Vision

William Pesek, Bloomberg

AP Photo

China has had a rough year with an international media that are in Woodward-and-Bernstein mode: It is following the money.

This week’s Bloomberg News expose on the so-called Eight Immortals is a case in point. Building on a June article tracing the accumulated wealth of the family of Xi Jinping, China’s next president, it described the vast fortunes being amassed by the offspring of the founding fathers who were instrumental in Mao Zedong’s rise to power in 1949. Mao changed the world by meeting U.S. President Richard Nixon, and Immortals such as Deng Xiaoping engineered the economic boom that has unfolded since then.

Now, the tactics of the journalistic duo that brought down...

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TAGGED: corruption, Princelings, China

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