Chinese Communist Party names its 100 favorite entrepreneurs
October 30, 2018 Category China News Round-up, Weekly
China has published a list of 100 entrepreneurs in acknowledgement of their “great achievements in the development the private economy” over the past 40 years, though several of the country’s best-known business owners were conspicuous by their absence. China’s two richest individuals – Jack Ma, Chairman of Alibaba Group, and Pony Ma, Chairman of Tencent – both made the list, which is not based on wealth. Perhaps the most notable absence was Richard Liu, Founder of e-commerce platform JD.com, who is currently under investigation in the United States after being accused of rape.
Also failing to make the list were Wang Jianlin, Chairman of Wanda Group; Chen Feng, Chairman of HNA Group, and Guo Guangchang, Chairman of Fosun, all three of whom were accused of leading their conglomerates on massive overseas spending sprees. Titled “Top 100 outstanding private entrepreneurs at the 40th anniversary of reform and opening up”, the list was compiled by the All-China Federation of Industry and Commerce (ACFIC) and the Communist Party’s United Front Work Department. Released to coincide with the 40th anniversary of China’s economic liberalization, the list also aimed to “encourage the non-public sector of the economy to make new contributions” to the country.
Feeling the pressure of the trade war with the United States, Beijing has been on a charm offensive in recent weeks in a bid to bolster the confidence of a struggling private sector, with several top officials promising more support for the stock market and economy. Andrew Collier, Managing Director at Orient Capital Research, said the publication of the list, which comprises mostly founders of large firms, was indicative of Beijing’s increased focus on private firms as it seeks to boost the influence of the party in the sector, the South China Morning Post reports.
Also named were Ren Zhengfei, President of Huawei Technologies, Lenovo Founder Liu Chuanzhi, Evergrande Chairman Xu Jiayin, Baidu Founder Robin Li, and Xiaomi Founder Lei Jun. They were joined by Zhang Yiming, the 35 year-old Founder of Bytedance. Among the other names on it were: Li Shufu, Founder of carmaker Geely; Li Dongsheng, Chairman of electronics firm TCL; Zong Qinghou, Chairman of drinks manufacturer Wahaha; and Liang Wengen, Chairman of Sany Heavy Industry.
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