How Communist China Has So Many Billionaires

How Communist China Has So Many Billionaires


Late last year, Alibaba Co-founder Jack Ma
was confirmed as an official member of the Chinese Communist Party. Jack Ma also happens to have a not-very-communist-sounding
estimated net worth that peaked at $50 billion dollars in 2018. Even though China remains officially committed
to a communist future – with equality for all and wealth distribution based on need
– its history of capitalistic compromise has made it *the* place to turn personal millions
in billions. This is your Bloomberg QuickTake on China’s
Billionaires. By one estimate, China creates a new billionaire
every two days. The seeds of the billionaire boom were planted
four decades ago, beginning in 1978, when communist party patriarch Deng Xiaoping opened
the country up to private enterprise and investment. Since then, China began shifting away from
agriculture, and increased its focus on manufacturing, eventually leading to growth that turned the
country into the world’s second-largest economy, behind the U.S. There’s been this discussion of what is socialism,
what is capitalism, and Deng just kind of said, “What they’re not is, they’re not poverty.” The lines between business and politics have
become increasingly hazy as President Xi Jinping has led a campaign to ensure the communist
party plays a leading role in all aspects of society. the internet companies have been really this
sort of shining example of what China hopes it can become, which is cutting edge, smart
people doing cool things, and making products that people around the world want to use. I think they’re a lot less enthused with massive
amounts of private wealth that that often creates. But China hasn’t given up on Communism,
it just made full communism a goal with no time frame. On the roadmap to Communism, the country will
have to become fully socialist first, which Xi has set a goal of reaching by 2035. China is a communist country, but it’s a one-party
state, so in that sense, the communist party is very intensely focused on making sure it
can maintain control and stability, at the expense of a lot of civil rights and sort
of other freedoms and liberties that other countries sort of take for granted sometimes. Jack Ma was among 100 people honored by the
Communist Party as part of the celebration marking 40 years of China’s economic reform
– evidence that on the issue of communism, China is more than content to wait.

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    olzt100

    The real secret that this video avoids is that the government has to show favor to a certain group or set. Thus, the government eliminates competition and promotes those within the favored group.

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    Leader Rumination

    Thats how the Bloomberg makes the china looks like a evil,nazi style high tech-like alien,I mean,Some people just want a hostile country to divert public attention from domestic problems, don't they

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    mrzack888

    Communist party Now is just an exclusive club. Has nothing to do with Mao's little red book anymore. It's more like a country club of private sector and public sector individuals cooperating toward a unified harmonious society. You are expected to toe the party line and behave. Not much different from a secret society or exclusive club.

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    Donkey Kong

    Where are the communist grey suits & bicycles. Where’s the job for life? China is communist in name, but reality it practices more capitalism than the US. Sometimes I can’t make who’s commi or who’s capitalist.

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    paokmoo

    The answer is more easy than that. China is not a comunist country, its one party dictatorship with one capitalistic system. We in the western world should start to treat them as one evil dicatorship, or it will end with them ruling over us.

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    ip desperado

    what is communism, mr. bloomberg? oh , again, what is socialism, mr. bloomberg? not like westerners, "ism" isn't so important for we chinese.

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    Jian Li

    china is a market, its government an authoritarian regime. Government and economy match but they don't equal. The west has innovation through democracy. China has the man power to produce.

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    Jedi solo

    Simple. Wherever you look in China it is a criminal enterprise that rip off everyone and anyone. There is no basis for TRUST in Chinese society……its pretty horrible really. China is not a normal country, isn't it obvious? it's a dictatorship with a lifetime emperor. It's the most arrogant country in the world, their cover army troll the web to be an easy people and despise other culture and other countries( see below)

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    L P

    A few definitions that might be useful for casual viewers :
    Communism – Stateless, moneyless, classless society – egalitarian and often practicing direct democracy
    Socialism – An economic system where the mode of production is owned by the public. Public was supposed to mean the workers not the state
    Authoritarian – Describes a system of relationships between two entities where one has full power or authority over the other. In this case, the state and its peoples.
    Colonialism – A practice by which the authority of one state extends out to other territories. This can be done militarily or by economic means.

    So you can see that China is most definitely not Communist – this just comes down to the Chinese government using propaganda to brainwash the masses.
    You can also see China is not Socialist – because they've instituted a centralized government to be in charge of all modes of production and then the state has chosen to give the mode of production to the capitalists in China and not to the workers.

    Now you can see why we should be describing China as an authoritarian state which has given the mode of production to the capitalists for their own gain in order to promote security, stability and obedience and future colonialism. You only have to look at how the Chinese are spreading their influence in financial loans in Africa and all over the world to see they're bringing a different style of colonialism. Less bloody for sure but we'll have to wait and see how the next century plays out as the USA begins to crumble and China rises to the top of the world militarily. Its only through the military that the Chinese will be able to enforce their loans to be paid back.

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    lin yang

    China is state capitalism, not communist, with a quasi-East Asia developmental state model, devised by the Japanese. Infant industry protection, especially the Internet Firewall, provided a safe soil for domestic Internet companies to thrive. Look into the areas where most billionaires are created, most of them are in the Internet Industry and the real estate industry, where there the investment-driven policies played a huge effect.

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    Ray Natsu

    Exactly China is not a communist country yet. If China is not a one -party policy country, China never become a communist country.

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    Alpha Omega

    china should regulate those billionaires. Because they aren't really helping the remaining billion of people. those billionaires didn't really contribute to the people there. when there are over a billion people need to live there and some billionaires emerges making money circulations more DIFFICULT. because they are HOARDING THEM. TAX THEM. VERY HIGH.

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    ip desperado

    as always, the west always pretends it knows china more than the people of china do; knows more what chinese people want than that of chinese people. one thing for sure, it seems that the west knows more what "communism" is than the communist china does. just incredible…

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    Cute Animals

    The Communist Party and democracy do not conflict. China is the only example. Obviously, the Chinese have found their own way. In fact, the Communist Party of China is much better than most political parties in Western countries…

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    Ben Salerno

    They just do what the west does: call something communist without knowing what that actually means.
    The CCP has about as much to do with communism as the DPRK has to do with democracy.

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    bill kenneth

    I’m Chinese,most Chinese don’t understand why rich USA against us ,they are far more rich than chinese,because chinese don't have election,and trump and most politician want target if they want to win the heart of poor people in USA,who became poor because of rich people in USA like TRUMP,if american people don't against other countries,they will against the rich people like french。

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    jaki rox

    Whats the difference between 1 party dictator and 2 party dictator? 1 party dictator dont waste time arguing and actually get the job done.

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    Julian RONSON CHU

    I think that if a country is apart of communism or its not communism , it doesn't mean that people can't be rich they also have they're life , they can't control them to stop being rich

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    Jennyoy

    Communist is a disguise for the authoritarian China. The sole political party controls all aspects of the Chinese lives. Its members have all the power and wealth over the people. You can find a wide wealth gap between the poor and the rich within the country. There is no equal wealth or labor among the Chinese. The poor are the ones who always get the least but work the hardest.

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    SpangeBab

    Okayyy????? But how does Communist China have so much billionaires?? The question has STILL not been answered

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    Colin Hsu

    because Chinese people do not ask “How Communist China Has So Many Billionaires”,they just hard work

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