Parade of billionaire ‘red capitalists’ coming for CCP’s 18th Party Congress

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By Willy Lam,

Just 11 years after then-President Jiang Zemin took the unorthodox step of admitting private businessmen into the Chinese Communist Party (CCP), an unprecedentedly large number of “red capitalists” are set to be inducted into the Party’s policy-setting Central Committee.

Liang Wen’gen, a former weapons plant manager and chairman of Sany Heavy Industry Co., leads the list of China’s super-wealthy.

According to the official media, at least 24 non-state-sector tycoons have been selected as deputies to the 18th Party Congress. And two or three of these billionaire bosses are set to become members of the powerful Central Committee.

They include Liang Wen’gen, the chief executive of Sany Heavy Industry Co. Ltd., who is worth at least 70 billion yuan [about $11 billion]. While Liang’s money-making activities may have violated the ethos of Karl Marx, he has done his duty as a model CCP member by setting up dozens of Party cells in his offices in China and abroad.

“That so many private business people have been selected as congress delegates reflects the Party leadership’s open and accommodating attitude [toward capitalists],” wrote China Enterprise News, an official mouthpiece for non-state-sector businesses.

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