Billionaire Princelings Ruin a Chinese Vision
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Dec. 28 (Bloomberg) -- China has had a rough year with aninternational media that are in Woodward-and-Bernstein mode: Itis following the money.
This week’s Bloomberg News expose on the so-called EightImmortals is a case in point. Building on a June articletracing the accumulated wealth of the family of Xi Jinping,China’s next president, it described the vast fortunes beingamassed by the offspring of the founding fathers who wereinstrumental in Mao Zedong’s rise to power in 1949. Mao changedthe world by meeting U.S. President Richard Nixon, andImmortals such as Deng Xiaoping engineered the economic boomthat has unfolded since then.