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Reference Material: Jiang's Son, Jiang Mianheng, is the Richest Man in China By Lin Nian
(Clearwisdom.net) [Editors note: reference articles published on Clearwisdom are written by
non-practitioners and do not necessarily reflect the views of Falun Gong
practitioners] Forbes Magazine published its list of the richest men in China. The
chairman of "Telekom China," which is listed on the Hong Kong Stock Exchange, is
Rong Zhijian. He was listed as No. 1. He told reporters, "They have it wrong." There is no clear boundary between private and state-owned enterprises in
China. When Forbes set up its list of the richest men in China, it should
not only count the private companies someone owns. What Forbes' analysts
believed to be a private company might in fact be a state-owned company, and
what it believed to be a state enterprise may in fact be privately held. Since
the chairmen or presidents of these companies have more influence, they not only
own their own companies, but also accumulate and appropriate wealth in other
ways and in effect steal from the state and citizens. To be fair, it is
necessary to consider both private and state owned companies when listing the
richest men in China. Therefore, the richest man in China should be Jiang Mianheng. The primary reason is that his father, Jiang Zemin, has the most power in
China. As a result, he should be the richest man. First, he can borrow from banks as much as he wants. He treats the
(state-owned) banks just like his private banks, and does not even have to repay
his loans. Second, to cite an example, the capital investment of Hongli Microelectronics
Company, a joint venture with Jiang Mianheng and Wang Wenyang, son of Taiwanese
entrepreneur Wang Yongqing, was about US$ 6.4 billion. Wang Wenyang told his
friends that he didn't spend a penny on this project. It is thus reasonable to
assume that Jiang Mianheng provided all the capital. Jiang Mianheng is also the
chairman and director of several large companies in China. Forbes should correct its list of the richest men in China while Jiang
Zemin is still in power. The list will read differently if Jiang loses his
power. Posting date: 11/6/2002 |