Thursday, September 26, 2013

Chinese "Naked Officials"

Economist story about Chinese exit strategy,

"THE phrase 'naked official,' or luo guan, was coined in 2008 by a bureaucrat and blogger in Anhui province, Zhou Peng'an, to describe officials who have moved their family abroad, often taking assets with them. Once there, they are beyond the clutches of the Communist Party in case anything, such as a corruption investigation, should befall the official, who is left back at home alone (hence 'naked'). Mr Zhou says the issue has created a crisis of trust within the party, as officials lecture subordinates on patriotism and incorruptibility, but send their own families abroad."
Bullish for San Francisco real estate!

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