For the past ten years, China is virtually ruled by a premier
whose family becomes super rich during his premiership.
While the call to investigate his highly questionable handling
of China's financial affairs, and amidst the public uproar
over China's sky-rock high housing prices, Chinese Premier
Wen Jiabao made repeated effort to turn his colossal failure
into his accomplishment, and proclaimed that his achievement
in the last ten years will go down history as shining example
In the mean while, the new allegations keep emerging, exposing
the reasons behind China's soaring property price and why
the State Council failed to cool down the property market.
It has a lot to do with Wen
Jiahong (温家宏), many
claimed. Wen Jiahong is Premier Wen Jiabao's brother and
the biggest beneficiary of China's 4 trillion yuans of stimulus
package. According to China's state
news agency, Evergrande Real Estate Group, of
which Wen Jiahong is the biggest shareholder, reported
an 1,142% of sales growth in the first half of 2010 comparing
to the same period the previous year, and was ranked as the
top performer in China's property industry.
Also in the news was money laundering accusation against Premier Wen Jiabao's son Wen
Yunsong (温云松) and his brother Wen Jiahong. A surveillance
official from China Bank revealed that Liu Hao (刘浩), who
was promoted to head the China Development Bank's Hong Kong
Branch by Wen Jiabao, was asked by Wen's son and brother
to help them transfer their huge assets, that they collected
An Insurance, to overseas. That is how Liu Hao went on
to forge a Ping An deal with Thailand's Charoen Pokphand
Group (Chia Tai Group) and was eventually caught by China
Banking Regulatory Commission(CBRC).
In the next ten years, China is in a grave danger of being
sold at a whole sale price by the premier-wanna-be, a man
who would do anything in order to secure a top position in
a ruling regime, whether it is a Chinese one or a foreign
Wen Jiabao-Li Keqiang administration
is evidently one of the worst regimes in Chinese history.
Will the same story be retold
in the next decade? Or even worse?