badcompany
03-05-2012, 01:39 AM
China's Second-Richest Man Says Private Sector Needs Bigger Role
March 5 (Bloomberg) -- Zong Qinghou, China's second-richest man, called on the government to increase the role of private business in the economy and said the nation's prospective next president agrees.
The 66-year-old self-made billionaire who is chairman of Hangzhou Wahaha Group Co. and a member of China's legislature, said the nation should cut taxes and allow private investment in more industries. When Vice President Xi Jinping "comes to power," he will encourage the development of private enterprise, Zong said in a March 3 interview.
"The government has become a monopoly company that invests in everything," Zong said before annual meetings of the National People's Congress that start today. "The biggest hurdle facing China's economy now is that the government's income is too high and the people's income is too low."
March 5 (Bloomberg) -- Zong Qinghou, China's second-richest man, called on the government to increase the role of private business in the economy and said the nation's prospective next president agrees.
The 66-year-old self-made billionaire who is chairman of Hangzhou Wahaha Group Co. and a member of China's legislature, said the nation should cut taxes and allow private investment in more industries. When Vice President Xi Jinping "comes to power," he will encourage the development of private enterprise, Zong said in a March 3 interview.
"The government has become a monopoly company that invests in everything," Zong said before annual meetings of the National People's Congress that start today. "The biggest hurdle facing China's economy now is that the government's income is too high and the people's income is too low."