ACCUMULATION of wealth in a few hands throughout the COSMOS is said to 'bad economy'. Such capitalist practice deprives the individual and society as a whole in sharing the fruits of nations' resources and they continue to be neglected ! There are normally three forms of system in sharing wealth-accumulation of wealth in few hands, is called 'capitalism',; distribution of wealth equally to the society, is called ' socialism' ; and distribution of wealth equally to all individual each is called ' communism'. Apart from these basic facts, there are many versions of economy, deliberated by economists throughout the globe.
A recent startling report, published in The Financial Times, has revealed that the Legislature (National People's Congress) of the World's major communist country-CHINA is wealthiest in the world, being a communist country. About 3000 elected delegates of the Congress had assembled recently on a 13-day session at the Great Hall of the People in Beijing. The session concluded on last Sunday with the installation of Xi Jiping as President of China in the capacity of the new General Secretary of the Chinese Communist Party. Li Keqiang has been elected as Premier of China.
There are 83 dollar billionaires among delegates to the China's Parliament. Indian Parliament has hardly four billionaire including Janata Dal (U) MP Mahendra Prasad from Bihar, Vijay Mallay of Karnataka. The United States of America, which is said to be world's richest and advanced nation, has not a single billionaire in the House of Representative or the Senate. Paradoxically the China, which is hard -core communist country, has, surprisingly huge wealth,accumulated in the hands of individuals .
The recently concluded delegates session of the National People's Congress (NPC) in Beijing,has seen the gathering of the wealthiest and richest people of the world., according to the China-based Hurun Global Rich List. Thirty-one delegates with more than $1 billion in personal wealth and assets were identified. The riches is Zong Qinghou, founder of Chinese drink maker Wahaha, with an estimated fortune of $13 billion, according to Hurun .Huge hidden wealth of many China's top leaders and their families have been detected by the analysts, say Hurun report.The number of dollar billionaires identified by the report was up 17 percent this year from the last year when 28 billionaires attended the NPC and 43 were the at the CPPCC. The average for tune among the 83 wealthiest NPC and CPPCC delegates is $ 3.35 billion, according to Hurun report., compared with average annual wage for Chinese urban worker less that $ 7000.Comparing the US house members, each of the 83 richest members of the US house and Senate has an average of $ 56.4 million, according to figures from the Centre for Responsive Politics. .
More over, the NPC is tasked with approving legislation proposed by the ruling Communist Party of China, but in practice it plays a mostly ceremonial role. Another 52 billionaires are delegates to the Chinese People's Political Consultative Conference, a toothless advisory body that meets at the same time as the NPC for about two weeks each year in early March. At nearly 3,000 delegates, the NPC is the biggest legislative assembly in the world while the CPPCC boasts about 2,200 delegates.
In a communist country like China's authoritarian but nominally egalitarian system, the convergence of power and great wealth is highly sensitive topic and one that communist leaders regard as potentially destabilising. The newly-appointed head of the party and military, Xi Jinping, has launched a campaign against extravagance and corruption immediately upon taking office in the last November. Xi Jinping has said, " it will make priority of social spending and other measures to spread prosperity more evenly and narrow a politically volatile gap between China's wealthy elite and poor majority as well combat endemic corruption. We must resolutely reject formalism, bureaucrat ism, hedonism and extravagance and resolutely fight against corruption and other misconducts in all manifestation."
This tone and tenor of Jinping's statement has reportedly sent a clear signal to the China's ultra wealthy that, now more than ever, they need to be inside the political tent. "Our government is a totalitarian one with an axe hanging over every body's head and the decision over whose head it will fall on lines with officials" said Fang Xingyuan Feng, a researcher at the Chinese An Academy of Social Sciences, a government think tank. "when busness people amass fortune, they need to protect it-so either they find an agent to do so or they become an official themselves.. Another popular choice is to acquire a foreign passport, and we are already seeing a lot of CPPCC members who have become foreigners."
The top three richest members of the CPPCC are all sons of of Hong Kong tycoons, with Victor Li, the son of Asia's richest man, Li Ka-shing, coming in first with an estimated family fortune of $ 32 billion. Hng Kong's relatively smooth transition from a former British colony back to Chinese territory over the past 15 years has bee helped by support from the territory's richest citizens, who were mostly co-opted by the Communist Party in exchange for business opportunities on the mainland.