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China’s anti-graft drive distracts from a more festering sore Add to ...

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Academics at Peking University have concluded that 1 per cent of Chinese own a third of the nation’s wealth. It could be just another Chinese statistic that boggles the mind; a reminder that Chairman Mao’s greatest legacy has been one of the largest and most rapid accumulations of capital by the few. However, the division of China into haves and have-nots is becoming a political problem: the wealth disparity is making a mockery of President Xi Jinping’s attempt to redefine the national purpose with his call for a new political solidarity in pursuit of collective prosperity and national glory, the “Chinese dream.”

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