China’s Billionaire Bubble Stands in Xi Jinping’s Way
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March 14 (Bloomberg) -- Now that Xi Jinping officiallyholds the reins in Beijing, the world is asking this question:Can China’s new leader revamp an economy that may become theworld’s largest during his 10-year term? Here’s an even betterone: Will Beijing let him?
Much is being made of how quickly Xi is replacing Hu Jintaoin China’s fastest formal transfer of power in more than ageneration. Although it took Hu almost two years to get all topthree positions -- president, Communist Party head and chairmanof the military commission -- Xi has them right out of the gate.The sense is that Xi has been empowered to rebalance an economythat’s producing a dangerous gap between rich and poor.