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China's red capitalists

Philip Bowring (IHT) concisely analyzes den schwindelerregenden Boom an den chinesischen Börsen und macht deutlich, wer die Gewinner und Verlierer der Entwicklung sind und welche Interessen hinter der Hausse stehen:

For every speech by a mainland official urging caution and for every small dampening measure ranging from taxes on share transactions to increases in bank reserve requirement, there is a speech from another official suggesting that the market buoyancy simply reflects the strength of the economy and the promise of the future.

Of course there are officials who fear that a sudden market collapse could cause unrest among the millions of new small investors who have rushed to take part in this modern form of alchemy, aiming to turn low yielding bank deposits into quick returns on stocks. Although in other countries Chinese have ascribed their stock market losses to bad luck rather than bad government, there is just a chance that the mainland could be different.
The main reason is that the stock market has become the quickest way for officials themselves, as insiders, to get rich quick - and to do so legally.

Even the normally very discreet World Bank recently noted the losses to public coffers resulting from the underpricing of initial public offerings of Chinese shares.
Billions of yuan which might have been collected from the state's sale of shares and put to use improving health and education for the masses had, by implication, ended up in the pockets of those who got first crack at the undervalued shares.

Of course, every company listing on every exchange wants its shares to go to a premium when trading begins. China also had reason to want to spread acceptance of the stock market as a place for investment, as a proper location for household savings. It needs a popular market if it is to continue to sell down its stakes and gradually privatize the economy.

However, there is another reason why the China Securities Regulatory Commission, which oversees the markets, and officials in general, like to see underpricing: The people who mainly benefits are the insiders, the directors, managers, underwriters and other insiders who are favored with share allotments and, if necessary, provided with cheap loans with which to acquire stock.

The

absolute loser is the public interest, the relative free market is the small investor who can not get stock at the IPO and must buy at a higher price in the secondary.

It can be observed so that the wealth that results from the economic rise of China, is not fairly distributed and that the tools to change this, such as the stock market, are themselves corrupt. Background reading , please!