Wednesday, May 19, 2010

China's richest businessman, Huang Guanyu has been sentenced to 14 years in jail on charges of bribing officials and insider trading. Huang had built up Gome Electronics into the largest appliance retailer and is reputed to be worth $ 6.3 billion. According to China Daily at least 30 billionaires are in jail or waiting sentencing for corruption. Bribery of officials and use of facilitators is the norm of doing business in China. It is an opaque society where power is centralised in the hands of the Communist Party and anyone becoming too rich or powerful is seen as a threat. Trials are held behind closed doors and accused are nearly always found guilty as Rio Tinto found earlier this year. Yet foreign businessmen are eager to set up businesses in China because of the gigantic size of the economy and its scorching double digit growth rate. As it has grown in riches China has expanded its defence forces capability so that it is now the biggest threat to neighboring countries. All forms of information is strictly controlled inside the country and the government controls the internet rigorously. Any form of dissent is immediately stifled with harsh measures. To maintain public support the government spews out nationalistic propaganda full of lies against other countries such as Japan, India, United States and so on as it suits its purpose. The Chinese are aggressive, barbaric and lacking in any form of civilised behaviour. Can a country go on growing indefinitely without collapsing under its own weight? We can only pray that something like that happens to China. Otherwise all countries in Asia will feel the weight of Chinese boots on their soil.

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