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Hu Jintao:The world's top wielder of money and power
By Xu Xing

China ' s political system is totalitarian. Its economy is driven by political power. But many people fail to foresee that the energy generated by joining together a totalitarian system and a controlled economy not only can hold together its power bloc, but can also let China squeeze into the world market and the international political arena and be catered to by international tycoons and politicians.

N o other ruler in the world has so much wealth at his disposable, and none has such a high concentration of power in his hands. The king of oil-producing Saudi Arabia has ample wealth and power, but his country does not boast one-fifth of the world ' s population. Mao Zedong had much more power than the present ruling bloc, but never had so much wealth at his disposal. Bush ' s power is checked by Congress and the opposition party. The only wealth at his disposal is the federal budget. Being the former head of Russia ' s secret police, Putin is able to rein in the opposition, but for wealth has only oil and gas at his disposable. But coincidentally, Hu Jintao, an inarticulate and mediocre person with no particular wisdom, has become the world leader with the highest concentration of power and the largest amount of wealth at this disposal. This is not only a freak of the new century but of history.

Rapid GDP growth benefits only the oligarchy
Let us examine how much wealth is at the disposal of China ' s new power holder.

Not too long ago, China 's National Bureau of Statistics announced that last year ' s gross domestic product was 18,232.1 billion yuan , or approximately US$2,225.7 billion, surpassing France and the U.K. to become the world ' s fourth largest economy after the U.S. , Japan and Germany .

Two interests have benefited most from the growth in China ' s GDP: the big domestic and foreign enterprises operating in China on the one hand, and the government treasury on the other. Up to last March, China had about 252,000 enterprises with foreign investment. Among them, 52,000 are from Hong Kong, 24,000 from Taiwan , close to 20,000 from Japan , 21,000 from the U.S. , 6,500 from Korea and 2,360 from Germany . They operate in all 34 provinces and municipalities, but mostly in Guangdong , Shanghai , Jiangsu , Shantong , Sichuan , Beijing and Tianjin . Almost all of China ' s GDP comes from foreign enterprises. Foreign investors exploit China ' s cheap labor, turning it into the ¡§ Factory for the World. ¡¨ Their investments have generated large amounts of foreign reserves for China . But while helping China ' s international trade to grow, they have also created a huge trade surplus, making China the third largest country in international trade and bringing vast amount of wealth into the government treasury.

With US$875.1 billion of foreign reserves, China has now surpassed Japan to become the country with the largest amount of foreign reserves. China ' s foreign reserves come mainly from foreign investment inflow and its international trade surplus. The State Administration of Foreign Exchange announced last May that last year ' s international balance of payment resulted in a surplus of US$223.8 billion, more than three times that of 2001. Last year ' s current account (including inflow of goods and services) surplus shot up 133 percent to US$160.8 billion; and investment inflow, although down from last year, still reached US$110 billion.

This phenomenon is sometimes termed ¡§ a wealthy state with an impoverished populace. ¡¨ But in fact, here the word ¡§ state ¡¨ is only an abstract term; what is real is the power bloc that controls it, and only it can maneuver such huge amount of wealth. It is more appropriate to say ¡§ a wealthy power elite rich and impoverished populace. ¡¨ Just as a web user wrote on Xinhuanet.com , China ' s GDP growth does not measure how rich people are, but only the expanding purse of the oligarchy.

Power elite monopolize state resources, enterprises and state treasury
Another source of wealth at the disposal of the power bloc comes from their monopoly of state resources. Resources above, upon and beneath the soil, from aerospace and airline travel to water resources, land, hills and mountains with mining resources, transportation, electric power, oil and gas, communications, media as well as all big enterprises, are all controlled by this elite. China Enterprise Confederation and China Enterprise Directors Association recently named the year ' s top 500 Chinese enterprises. As it happens, the top 10, Sinopec, State Power Grid Corporation, CNPC, China Mobile, Industrial and Commercial Bank of China, China Life, China Telecom, Sinochem, Bao Steel Group and China Construction Bank, are all state enterprises, and indeed, most of the top 500 are state enterprises. Although some are China-foreign joint ventures containing a certain degree of foreign capital, China holds the controlling interests. As for the genuine privately-own big corporations, they must maintain good relationships with the power bloc in order to survive.

In the initial stage of China ' s economic reform, state enterprises had the image of lao-da-nan , or ¡§ antiquated, colossal and unwieldy, ¡¨ always losing money. But in the intervening years, many lao-da-nan state enterprises have been either weeded out or sold at bargain-basement prices to relatives of the power elite, with only a select few continuing to operate. All of the central-level state enterprises that remain in the hands of the power elite are highly profitable. Deputy Finance Minister Zhu Zhigang announced last February that in 2005, the profits of state enterprises increased sharply to over 90 billion yuan , among which central-level enterprises accounted for more than 70 percent, for total profits of 64.3 billion yuan .

A surge in international oil prices brought unexpected profits to Sinopec and CNPC. Responsible for the ¡§ West to East Pipeline ¡¨ project, CNPC owns all of the oil and gas resources of Xinjiang ' s Tarim Basin , and has acquired PK Oil Company from Kazakhstan . Among the 50 largest oil companies in the world, CNPC now ranks ninth in terms of total revenue, much higher than the 28 th -ranking Sinopec.

State Treasury as the treasure trove of the Communist power elite
The third source of wealth of the power bloc is central tax revenue. According to the report on the implementation of the 2005 Budget made public by the Treasury Department, China ' s internal revenue last year totaling 3,162.798 billion yuan , breaking the 3,000 billion yuan barrier. After separating the contributions of the central from local levels, the central level revenue amounts to 1,724.979 billion yuan compared with 2,656.572 billion yuan at the local level.

Most of the national revenue comes from tax money. According to the ¡§ 2005 World Tax Burden Index ¡¨ published by Forbes , China has the world ' s second highest tax burden, and the vast majority of tax revenue comes from corporate profits. In 2004, total taxes from the top 500 enterprises accounted for one fifth of the country ' s tax revenue. For example, Daqing Oilfield, CNPC, Shanghai Tobacco and Yuxi Hongta Tobacco are all at the top of the list. However, real estate businesses, though reaping exorbitant profits, enjoyed the status of ¡§ tax dwarfs. ¡¨ People who have the most difficulty avoiding taxation are salaried workers. Now tax departments use computers to establish income records for all individuals, and have set the tax threshold very low. An individual starts to pay tax on a monthly income of 1,500 yuan , less than US$200. Hence, individual income tax has now become the fourth largest category of tax revenue.

In 2004, individual income tax revenue amounted to 170 billion yuan , among which 65 percent came from salaried workers. Miss Wang Ying, a recent university graduate who works for a publisher in Beijing , makes 2,500 yuan a month, but has to pay 105 yuan in tax. She complained that this level of take-home pay was barely adequate to meet basic expenses, and could not even cover expenses for a minor illness, let alone for buying an apartment.

Power and wealth join as a special interest group
The power bloc uses this huge resource of the Treasury to feed the bureaucrats, the police and the armed forces who rule the people. But there are two additional and less obvious uses to which treasury funds are applied. On the one hand, national wealth has turned the vast power bloc into a special interest group. The supreme leadership of the Communists differs from that of imperial times. The relationship between an emperor and his subordinates was one of a master and his subjects. But the current Communist regime, from the General Secretary, central party organs, premier and heads of State Council departments to the various ¡§ lords ¡¨ of the provinces, forms one big community sharing common interests. Each of those in power can boldly and openly dispose of, enjoy or even privatize the wealth on his own turf, and even after retirement, some officials are able to pass on this benefit to offspring and in-laws.

Heads of some wealthy local governments such as Shanghai and Guangdong have much more power and wealth at their disposal than local lords and generals in the old days. Now even some township heads are able to allocate township resources to ¡§ Potemkin projects ¡¨ that serve little purpose beyond fattening their own pockets. In a country about the size of the United States , all those in power, big or small, ride the same boat, sharing fortune and misfortune. While the boat stays afloat, all prosper, but if it should sink, all will perish. From this is formed an invisible power alliance.

More than that, power and wealth can also extend to the ranks of the corporate, knowledge and cultural elite, forming a common interest alliance between these social elites and the holders of power. This phenomenon would have been unimaginable in Mao ' s era. In Deng Xiaoping ' s era, it showed its first signs of development, but no one could have anticipated what we see today.

People often say Mao ruled China with gun and pen. Now the pen is no longer effective. Hu Jintao relies on guns, police batons and silver bullets.

Silver bullet subdues international tycoons and politicians
Another clever use of power and wealth is to obtain an entr e e into the world market and international political arena, and there to be fawned on by tycoons and engage in Machiavellian political maneuvering, while politicians who once hoped to see China undergo a peaceful transformation into democracy now fret over its emergence.

China ' s cheap merchandise floods the world, making consumers rejoice and competitors worry. U.S.-Sino trade, always at a deficit, has grown to an extent that the White House finds hard to tolerate. But benefiting from China ' s market, American tycoons treat China ' s leaders with the greatest courtesy.

Hu Jintao ' s recent visit to the U.S. provided a typical example. When Chinese leaders have visited the U.S. in the past, they tactfully played ¡§ ransom diplomacy, ¡¨ releasing one or two political prisoners for exile abroad as a means of fending off pressure on human rights. Now as a member of the United Nations ' newly-formed Human Rights Council, China no longer feel a need to play human rights games with the U.S. Zhao Yan, a detained New York Times researcher against whom charges were temporarily dropped, did not regain his freedom prior to Hu ' s U.S. tour. Instead, China launched a silver bullet offensive, dispatching Vice Premier Wu Yi to the U.S. with a shopping list totaling US$15 billion. In any case, all of the shopping lists are in China ' s pockets: with airplane companies, electric companies, even agricultural import companies, they can buy what they want from whomever they like. Hence, the heads of Microsoft and Boeing were more than eager to fawn on Hu and his entourage.

China has proved itself even more formidable in wielding market entry permits, and thereby coercing Yahoo, Microsoft and Google into prostituting universal human rights principles to serving as willing watchdogs for China ' s Internet. Cisco is even worse, participating in the ¡§ Golden Shield ¡¨ project designed to control information on the Internet. By designing a sophisticated electronic filtering system for the authorities, Cisco has become China ' s executioner of Internet freedom.

This is indeed a sophisticated silver bullet policy, which costs China nothing. The act of letting big American enterprises come in to make money is enough to tame them.

No one could have foreseen a communist empire transformed to this extent. The Soviet bloc has collapsed; North Korea and Cuba are struggling in poverty; only China has emerged as a freakish product of the new century while still carrying its communist banner.

(Xu Xing: is a seasoned political commentator and adviser to Open Magazine )