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THE
EXPERT: Assembling a list of Chinas 100 wealthiest business
people would have seemed an odd exercise not so long ago. But as the countrys
economic might and entrepreneurial freedom have grown dramatically, Forbes
Magazine has applied its expertise to China and will soon expand its
list to highlight the 400 wealthiest in the country. UVM alumnus Russell
Flannery, Class of 1981, is Forbess Shanghai bureau chief
and heads the team that puts together the annual list of Chinas
well-to-do. Flannery recently returned to UVM for a guest lecture, where
he spoke in the Billings Student Center, the same he place pulled all-nighters
during his days as editor of The Cynic.
THE QUESTION: Generally speaking, are Chinas wealthiest proud
or reticent to have their riches made public?
THE ANSWER: It's a mixed bag, says Flannery, who points
out that this era makes for strange bedfellows in China, where newsstands
display glossy magazines dense with ads for luxury items side-by-side
with copies of The Peoples Daily, the mouthpiece of the Communist
Party. Chinese entrepreneurs are increasingly listing their businesses
on the Nasdaq and other overseas stock exchanges and seeking international
partners. To the extent that public exposure helps them build up their
business, they tend to welcome it. In addition, in most cases, the cities
and towns in China where such companies invest welcome their success,
just as most American communities welcome responsible companies and are
proud of their success. On the other hand, there are a lot of elements
of Chinese life and society that lead people with wealth not to flaunt
it. It is, after all, still on the whole a developing country with one
of the worlds worst distributions of income.
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