Subscribe free to our newsletters via your
. GPS News .




SINO DAILY
China's richest man says wealth gap not a priority
by Staff Writers
Beijing (AFP) July 17, 2013


China's yawning divide between rich and poor does not need to be tackled, the country's richest person said Wednesday -- as long as everyone can become wealthy.

"We don't need to solve the problem of the rich-poor gap, we need to solve the problem of common prosperity," said Zong Qinghou, whose family fortune is estimated at $12.6 billion.

Zong, founder of a huge soft-drinks conglomerate which has branched out into baby milk and children's clothing, said that "rich people should help everyone to become prosperous".

"If everyone is wealthy, society will be harmonious, and more comfortable," the 67-year old entrepreneur told reporters in Beijing at an event to mark the launch of a series of high-end shopping malls.

Zong only went into business in his 40s, selling fizzy drinks to children and reportedly being so short of cash that he slept under a bridge in Beijing because he could not afford a hotel.

But the company he launched, Wahaha, whose name means "Laughing Child" in Chinese, went on to become China's third largest soft drinks company, according to Euromonitor International.

Zong's fortune, as estimated by China-based luxury magazine publisher the Hurun Report, makes him the richest person in China and one of the wealthiest in Asia.

China's rich have become targets for public resentment as the gap between the country's richest and poorest grew following market reforms beginning in the late 1970s.

China's Gini coefficient, a measure of inequality with 0 representing total equality and 1 representing total inequality, stood at 0.47 in 2012, according to government statistics. That would put it close to the US, which had an index figure of 0.56 in 2009, according to the World Bank.

But a study last year by the Survey and Research Center for China Household Finance, a government-backed research group, said the figure was 0.61 in 2010. That would put China at the top of a list of 16 countries issued by the World Bank.

Nonetheless, Zong warned: "If we had egalitarianism... we wouldn't have enough to eat."

He called for lower taxes to stimulate investment. "It's best to encourage people to create wealth," he said.

.


Related Links
China News from SinoDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








SINO DAILY
Beijing envoy, Hong Kong lawmakers in landmark talks
Hong Kong (AFP) July 16, 2013
China's top representative in Hong Kong held unprecedented talks with local legislators Tuesday, two weeks after tens of thousands of protesters denounced the slow pace of political reform in the city. Zhang Xiaoming, head of the city's mainland China liaison office, was invited to the lunch by a pro-Beijing lawmaker following the July 1 protest in a bid to improve dialogue between the two s ... read more


SINO DAILY
New study addresses trade-offs between food security and climate change mitigation

Chew More to Retain More Energy

Whole chickens from farmers markets may have more pathogenic bacteria

In US, struggle against snakehead ends on plates

SINO DAILY
Intel profits slide as chipmaker repositions

NIST shows how to make a compact frequency comb in minutes

New analytical methodology can guide electrode optimization

TU Vienna develops light transistor

SINO DAILY
Lockheed Martin Delivers 100th Targeting System for F-35

Russia to design a new strategic bomber

Tests clear Czech army's faulty Spain-made military planes

US set to deliver F-16s to Egypt: officials

SINO DAILY
Auditors attack EU over multi-million subsidy waste

EU bids to fix French-German Daimler auto row

New Catalyst replaceable platinum for electric-automobiles

France bans sale of latest Mercedes cars

SINO DAILY
Chilean court halts Canadian gold mine project

'Dirty' GSK inflated China prices with bribes: paper

Giant Posco scraps India plant in blow to investment

China Construction Bank to set up in Luxembourg

SINO DAILY
Changing Atmosphere Affects How Much Water Trees Need

Ivory Coast turns to brute force to save forests

Efficiency in the forest

Trees Using Water More Efficiently as Atmospheric Carbon Dioxide Rises

SINO DAILY
The Color of the Ocean: the SABIA-Mar Mission

GOES-R Improvements to Provide Stunning, Continuous Full-Disk Imagery

Space Station Ocean Imager Available to More Scientists

Nature valued from space

SINO DAILY
Efficient Production Process for Coveted Nanocrystals

Ingested nanoparticle toxicity

Quantum engines must break down

Nanotechnology holds big potential for NMSU faculty




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement