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Wu Bangguo, outgoing Chairman of the National People's Congress, is displayed on a screen during a plenary session of the NPC held in Beijing's Great Hall of the People Friday, March 8, 2013. Wu praised the body Friday for upholding the ruling Communist Party's leading role and for rejecting Western models of multiparty democracy. Wu's statements came in his final address to the National People's Congress during its annual session, at which Wu and other top leaders will step down following a decade in power.
Wu Bangguo, outgoing Chairman of the National People's Congress, is displayed on a screen during a plenary session of the NPC held in Beijing's Great Hall of the People Friday, March 8, 2013. Wu praised the body Friday for upholding the ruling Communist Party's leading role and for rejecting Western models of multiparty democracy. Wu's statements came in his final address to the National People's Congress during its annual session, at which Wu and other top leaders will step down following a decade in power.
(Ng Han Guan/AP)

CARL MORTISHED

China’s billionaires have captured its government

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

The truth is finally out: China is a plutocracy. With 83 billionaires among them, the top legislative body of the People’s Republic is the world’s richest parliament. The analysis of the wealthy members of China’s National People’s Congress emerges from the Hurun Global Rich List, an annual report which ranks the 1,453 dollar billionaires worldwide and reveals that China’s super-rich like to give something back – by serving time as a lawmaker.