China’s “Billionaire Red Village” bankrupt

It is coming to light that China has spent a boatload of money on creating and maintaining a model socialist community.  So much money in fact that it will take 200 years for the village to pay back its debts.  But this model socialist community is not what we might expect – there’s a reason it’s called the “Billionaire Red Village.

“Villagers still lead a collective life as they did decades ago, sing revolutionary songs and chant Mao slogans every day. The entrance to the village features gigantic statues of Marx, Engels, Lenin and Mao.
But there is a world of difference compared with an average Chinese village decades ago. All Nanjie villagers live in villas, own their private sedans and have deep pockets, attracting to the village the sobriquet of “red billionaire village”, reflecting its combination of socialism with a market economy. ”

“Nanjie somehow created its own “economic miracle”, apparently against the tide of the country’s sweeping market-oriented economic reforms, and maintained high-speed growth for more than 20 years.  Doubts about how it managed this are now being cleared up as more facts become known. This so-called socialist collective body started from scratch by running rural enterprises…..”

Read article →redbillionaire

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