Joe Zhang, author of “Party Man, Company Man: Is China’s State Capitalism Doomed?”, wrote about the disintegration of rural China which resulted in increased crime, pollution, and degrade of morality.
More important, following the government’s privatization of state housing, urban housing prices grew exponentially, five-to-six-fold in many cases, while the value of rural homes rose little by comparison. Too many rural residents have missed out on China’s property boom, contributing to the wealth gap between the cities and the countryside.
Local governments have done little to help. As more and more farmers flocked to factories in coastal cities, layers of local government were neglected and decayed. Factories eventually emerged in towns near rural villages, sucking the lakes dry and poisoning the rivers and the air. Experts estimate China has more than 450 cancer villages, towns where cancer cases cluster at much higher than average rates. Villagers have paid a steep price. Some residents of my village have died of unknown ills in their 40s and 50s.
Read Joe’s article from the New York Times here…
Joe Zhang is the Chairman of Slow Bull Capital based in Hong Kong, and also author of “Inside China’s Shadow Banking: The Next Subprime Crisis” and 避開股市的地雷。Zhang was Chairman of Wansui Micro Credit Company in Guangzhou, China, from 2011 to 2012, . He was named “Microcredit Person of the Year” in January 2012 by the Microcredit Association of China.
He started Slow Bull Capital in 2012. Before starting his own business, Zhang worked at investment banks. He was Deputy Head of China Investment Banking at UBS between 2008-11. From 1999 to 2006, Joe was co-head and head of China Research at UBS Securities Asia Limited. Prior to this, Mr. Zhang worked at the People’s Bank of China between 1986 and 1989. Zhang was chief operating officer of Shenzhen Investment (604 HK), a company listed on the Hong Kong Stock Exchange, between 2006-08.