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China sets behavior code for wealthy young Chinese scions: report

Taipei, June 12 (CNA) Beijing is to propose a code of behavior for those it describes as wealthy young Chinese scions, who it said need behavior guidance, or their "spoilt ways could become more than an economic problem," according to a report in the Hong Kong-based South China Morning Post. China's United Front Work Department, which is under the control of the Communist Party's Central Committee, vowed Tuesday to set up guidance for the country's second-generation rich and young entrepreneurs, said the report published June 10. The pledge came after Chinese President Xi Jinping instructed the department to "guide private-sector businessmen, especially the younger generation, to help them think about the source of their wealth and how to behave after they become affluent," the report said. It noted that while keeping an eye on private-sector businessmen, the Chinese authorities will also monitor their children who are expected to eventually take over their parents' businesses, "to help foster the successful development of the private sector." "Some rich young people know only that they are rich, but have no idea where the money comes from," the United Front Work Department said in a June 9 article on social media. "They know only how to show off their wealth, but don't know how to create wealth. If this behavior becomes a common problem for family-run businesses and makes all private entrepreneurs look bad, or affects social confidence toward private businesses, it will no longer be simply an economic problem," the article said. It added that an estimated 85 percent of China's private enterprises are family-run companies, of which 75 percent will face succession issues within the next five to 10 years. The department urged young entrepreneurs to invest their wealth in their businesses, the real economy and charitable endeavors, instead of merely focusing on their quality of life. It said it would enhance education and guidance to help them increase their faith in the party and the government. (By Scarlett Chai and Elizabeth Hsu)

Updated : 2021-09-25 06:19 GMT+08:00