The political fortunes of China’s “super wealthy” have suffered a dramatic reversal with a much reduced presence at the country’s annual parliamentary session, reflecting the diminished standing of the country’s richest under President Xi Jinping.
According to the Hurun report, which tracks the fortunes of China’s wealthiest people, the number of renminbi billionaires who will be attending next week’s sessions of the country’s new parliament and a parallel advisory body has fallen to 153 from 209 in the 12th National People’s Congress, which sat from 2012 to 2017.
Delegates to the NPC and the Chinese People’s Political Consultative Congress are selected every five years based on candidate lists drawn up by the Communist party. Those attending this month’s 13th NPC and CPPCC meetings will serve as delegates for the duration of Mr Xi’s second presidential term, which ends in 2023.