This is an article from the official newspaper of Communist China, the Peoples Daily:

Don’t hate the rich, be one of them — Despite the turmoil in financial markets and global economic downtrend, the Chinese rich will go on accumulating wealth faster than ever anticipated. According to the private wealth report released some time ago that the number of China’s high net worth individuals is growing by leaps and bounds on a year-on-year basis. The concept of so-called high net worth individuals refers to those with net assets of at least US$1m excluding their main home.

The survey conducted by China Merchants Bank and Consultancy Bain & Company indicates that as many as 320,000 Chinese individuals will possess at a minimum 10 million yuan (US$1.46m) each in disposal assets as of the end of 2009. A total of 8.8 trillion yuan in disposable assets held in the happy few rich hands is already tantamount to the 29 percent share of the country’s GDP total of 30 trillion yuan…

in a society with the rapid economic growth and increasingly enlarged circle of affluent individuals, it is quite desirable to cultivate a wealth culture, which can, for one thing, gradually change people’s thought process and make them believe everybody can escape poverty and get rich through efforts…

a sound atmosphere in which wealth creation is encouraged will also help people retrain their mind, pushing out the old ‘poverty mentality,’ and replacing it with a ‘wealth mentality.’ If more people are devising ways to create wealth, in a long run, it will contribute to building a harmonious and mass affluent society, as more people will have the ability to help the less fortunate.

A society without producing wealthy people is never progressing on the healthy track. Indeed, even the Bible says ‘money is the root of all evils.’ In this light, a highly commercialized society is not a noble one, either. But it is noteworthy that wealth in itself has nothing to do with guilt or innocence, and what matters most is how to manage it. Nevertheless, it will be beneficial to the general good of a society that, instead of bitterly envying the rich, more people are learning to become one of them.

As we observed below, while America now is in decline and focusing on how to divide up the pie, China seems to be headed in a very different direction. Who would ever have thought that Red China would become more capitalist than the USA?

This entry was posted on Wednesday, April 15th, 2009 at 1:39 am and is filed under business, China, Democrats, General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.