China’s economic growth might be poised to ease, however the country that’s been one of the fast-growing sources of new full of the past few years continues to generate a lot of same, based on the newest edition from the Forbes China Rich List.
The number of billionaires among China’s richest 400 people increased to a record 146 from 128 last year, according to the annual survey released today by Forbes Asia.

The total insightful the richest 400 people on the mainland is US$459 billion, an increase of 8% from $423.2 billion before, but only 4% in local currency terms. That is less than the 10% rise in China’s GDP this past year and way below the 31% rise in total wealth a year earlier when measured in local currency. Slowing growth in China’s wealth is really a danger signal for global luxury good companies that have viewed its market because the El Dorado from the East.
One supply of downward pressure on the country’s fortunes: Shanghai’s A-share index has lost about 11% since our 2010 list was published. Roughly 1 / 2 of the 400 members of this year’s list had a lower wealth figure than last year. Some 94 members of this years didn’t return this season, 17 which came from a genuine estate industry that’s been hurt by government credit tightening amid high inflation.
Liang Wengen, 54, chairman of construction equipment manufacturer, Sany Heavy Industry, is the richest person in China having a net worth of $9.3 billion, upgrading from third place this past year when he was worth $5.9 billion. A big jump in its shares has enabled an archive seven executives in the company to make our list of China’s 400. Besides Liang, the 3 to create the billionaire ranks were Tang Xiuguo with wealth of $1.43 billion, Mao Zhongwu at $1.29 billion and Xiang Wenbo, $1.29 billion. Sany’s rise as a global capital equipment maker underscores the difficulties faced by older players such as Caterpillar and Deere.
Robin Li, co-founder of internet search engine Baidu, ranks a close second about this year’s list with a net worth of $9.2 billion, up from $7.2 billion a year ago. Li ranked because the no.1 among billionaires from China on our 2011 Forbes Billionaires List published in March and would have had a shot at retaining that status except for a plunge in Baidu’s shares in mid-August when we priced this year’s list.
Among other U.S.-listed Internet entrepreneurs to create their email list: Charles Zhang of Soho, William Ding of Netease, Zhou Hongyi of Qihoo and Joe Chen of Renren.

BEIJING – Chinese commentators are marking a visit by V . p . Joseph Biden by offering a struggling Usa advice: Stop flooding your economy with cheap credit.
The prescriptions awaiting Biden, who arrived Wednesday in Beijing, range from cutting government budget deficits to fighting poverty. These were like the advice of Western analysts but unusually pointed for China where communist leaders say governments should avoid each others’ affairs, and show the shifting fortunes of the two powers.
“The United States has entered an extended duration of decline,” wrote economist Xia Bin, who advises China’s Cabinet and central bank, on his blog.
The main purpose of Biden’s mission is obtain a better bead on Vice President Xi Jinping, who is expected to dominate as Communist Party chief next year and can visit Washington later this season. Biden can also be likely to get an earful on Tibet and Taiwan, the democratic island Beijing claims and which Washington provides arms to. But Chinese worries concerning the U.S. economy would be the subtext for the five-day visit.
Beijing’s biggest fear is really a possible third round of bond-buying by the Federal Reserve, known as quantitative easing or QE. It is supposed to push down rates of interest and boost investment by injecting money into the economy, but Beijing worries that it’ll boost prices of commodities traded in dollars, fuel inflation and erode the need for its $1.2 trillion in Treasury debt.
“The U.S. should avoid launching QE3 and tighten its monetary policy to boost the world’s confidence within the dollar,” the chairman of state-owned Bank of China, Xiao Gang, wrote Wednesday in China Daily, an English-language newspaper targeted at foreign readers.
Beijing has repeatedly attracted Washington to safeguard foreign investors and the dollar. It’s avoided publicly making specific demands but this week’s commentaries within the entirely state-controlled press explain what it wants to see.
“China has much on the line over U.S. economic changes to our policy and a stable U.S. dollar,” the state Xinhua News Agency said. Resolving economic problems inside a “responsible manner” would improve U.S.-Chinese relations, it said.
Other governments complain earlier Federal Reserve efforts to reduce interest rates prompted investors to maneuver money to developing economies looking for higher returns, pushing in the worth of their currencies and prices of their exports.
China’s own government debt is low in contrast to those of america, Japan and Countries in europe, despite a huge stimulus that helped it rebound quickly in the 2008 global crisis.
The press campaign also might help Beijing diffuse criticism it faces from some Chinese in comments posted on the internet sites questioning its decision to get a lot of its $3.2 trillion in foreign reserves in Treasury debt. Treasurys are seen among the lowest-risk assets however the debate in Washington over raising the government debt limit and downgrade of the U.S. credit score by Standard & Poor’s caused alarm in China.
“By focusing concern on the failures of U.S. policymaking, as China sees it, Chinese officials can deflect attention using their own part in creating a few of the global imbalances and the decision that lay entirely in their hands to invest so much in U.S. Treasurys,” said Capital Economics analyst Mark Williams.
Beijing faces its own debt problem after it disclosed that local governments owe $1.6 trillion in bank loans that paid for public works along with other expenses. But analysts say high economic growth means it ought to be easily manageable.
Bank of China’s Xiao along with other commentators said Washington should concentrate on longer-term reforms to chop its budget and trade deficits, raise savings and create jobs.
“They should set out to solve the poverty issue,” a researcher at Peking University’s Development Research Institute, Xu Jianguo, wrote in the Global Times, published through the Communist Party flagship newspaper People’s Daily.