China’s bottled water king Zhong Shanshan remains richest man in chinaAccording to the 2024 Hu Run World Rich List, few people in China seem to be celebrating.
The rich list was announced last month, shortly after Nongfu Spring founder Zhong became the subject of an internet storm.lots of nationalist internet users In China, he was attacked for including his company’s use of photos of Japanese religious buildings on its packaging. A boycott followed, and the company’s Hong Kong-listed shares fell as much as 8% last month, but have since recovered.
It’s no surprise that so few Chinese internet users are happy about Zhong. What does Zhong’s status as the richest person in China have to do with them, as some say? I can also understand that. China’s struggling economyPeople find themselves unable to muster much sympathy for Zhong – his great wealth It is estimated to be USD 63 billion.
There is even a saying in China that “the rich are widely despised.” Chofu – Having a grudge or hatred towards rich people – Explain that feeling. Many people believe that wealthy people acquire their wealth through unfair means, such as personal connections or corruption.
But I attack Zhong or boycott his products It’s unreasonable and unwise. This is a bad move for both the Chinese economy and the attackers themselves.
Mr. Zhong Shanshan, the richest man in China and the founder of Nongfu Spring.Photo: Nofukusen
Mr. Zhong’s story of “from rags to riches” is moving. He established a private company in his hometown Hangzhou in 1996. The company slowly grew into China’s largest bottled water company. In 2020, the company was listed on the stock market The company was listed on the Hong Kong Stock Exchange, and Mr. Zhong suddenly became very rich.
Online accusations against him have so far failed to provide evidence of actual wrongdoing. If he hasn’t broken any laws, he should at least be left alone.I wonder what it is those nationalist trolls Do you want to see it? His company going bankrupt? More than 20,000 employees will lose their jobs?
For me, the story of Nongfu Spring points out China’s rocky relationship with its entrepreneurs. To be honest, the Communist Party has never had an easy relationship with private companies. run your own business It was illegal for many years under Mao Zedong’s regime.
After Deng Xiaoping carefully introduced economic reforms, getif – Solopreneur – starting your own business. There’s a saying: “It’s great to be rich.” However, Chinese society still had concerns about such people. My mother thought she had degraded since she retired from a state-owned enterprise (SOE) in the early 1980s and she started working as a manager in a local market. getif.
These private companies started small but gradually grew and played an increasingly important role in the economy, and in 1999 their role became larger. China revised its constitution He acknowledged that the private sector is not just a complement to the public sector, but an important component of the economy. However, to this day, private companies face discriminatory treatment in terms of taxation, market access, and restrictions on bank financing. Chinese banks prefer lending to state-owned enterprises.
Remarkably, private business sprang up from this not-so-fertile land and expanded across the country. in a speech At the 2018 Private Enterprise Symposium, President Xi Jinping pledged support for entrepreneurs. By that point, the private sector provided more than 50 percent of China’s tax revenues, 60 percent of its economic output, and more than 80 percent of its employment.
Still, the private sector faces unprecedented challenges. Although the Chinese government has promised that Improve the operating environment Few private companies have benefited from it in recent years. In fact, the opposite seems to be true.
China should stop chipping away at Deng Xiaoping’s economic legacy
According to a study by the Peterson Institute for International Economics, China’s private sector accounted for 36.8% of China’s 100 largest listed companies by the end of 2023, down from 55.4% in mid-2021.The new coronavirus infection (Covid-19) pandemic and Crackdown on the tech sector is likely to be the driving force behind the decline.
President Xi’s “common prosperity” strategy has also raised concerns that it will tighten authorities’ control. Beyond the private sector. Big companies are already under pressure to make “voluntary contributions” toward Mr. Xi’s vision.Tencent and other technology companies formally complied with.
I believe that the government’s ambiguous attitude towards private companies gives a lot of leeway. nationalist troll. If the Chinese government is serious about revitalizing the economy by focusing on the private sector, it should end its boycott of Nongfu Chun.
It is a mistake to destroy a business just because it is successful. Nongfu Spring is one of the most successful domestic brands in China. We value it, and private businesses that generate tax revenue and provide jobs should be encouraged. How well the private sector performs has a direct impact on China’s economy and its stability.
I’m glad there are people who disagree with these nationalist trolls. They were appalled that the attack was carried out in the name of “patriotism” and claimed that such actions were holding China back. A true patriot is one who puts the national interest first. It is not patriotic to attack your country’s brands without just cause.
Lijia Zhang is a rocket factory worker turned social commentator and author of the novel Lotus.
