A recent article in The Wall Street Journal about the prospects for private jet sales in China estimated that China had 3 million people worth over $1 million and 8,000 worth over $30 million. I’d love a story explaining who these people typically are and how they made their money. We know generally that China’s ruling Communist Party is all about political dominance rather than economic orthodoxy, but I suspect I’m not the only one who is otherwise ignorant when it comes to how free markets and entrepreneurship coexist in a country with so much state control and so many state-owned enterprises. It can’t all be about the Communist bosses doling out the spoils to its cronies. Or is it?
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