Political elites dominate China's Economy
Guo alleges that the families of the Shanghai Clique now dominate China's economy. He asserts that Jiang's family assets are US$50 billion, and those of the Wang and Meng families are US$20 billion and $US2.3 billion respectively. Among their investments, Meng's family owns Green World Australia; and Wang's family owns more than a hundred United States properties.
Guo also claims that Wang's family is the largest shareholder in one of the largest companies in the world, Hainan Airline Group (HNA), with capital of US$1trillion in 2017. Following Guo's revelation, Guo says this shareholding was transferred from Wang's biological son Guan Jun to a New York family trust, Cihang
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Conclusion
Although China's political system is authoritarian, it is not dominated by the President as perceived by many in the West. Rather, it is controlled by Jiang Zemin and his close political associates in the Shanghai Clique.
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