Sun sets on China’s billionaire Taishan Club as Communist Party takes care of business

Low-profile private society counted some of the country’s biggest entrepreneurs as members and had tough entry standards

But group has disbanded amid party’s drive to redefine the role of businesspeople

Reading Time:4 minutes

Some of the people believed to have been members of the club made their names in Beijing’s technology world. Photo: Handout

Published: 5:15pm, 13 Feb 2021Updated: 9:55pm, 13 Feb 2021

The dissolution of a Skull and Bones-style private club of some of China’s most famous tycoons has raised concerns over what roles entrepreneurs will play in the country’s next phase of modernisation.

The Taishan Club – a private club with about 20 members – was “disbanded a while ago”, a former member told the South China Morning Post on condition of anonymity.

“[We haven’t had] gatherings for quite some time. The club’s official registration has been cancelled. It’s time to move on.”

The club’s disbanding comes as top Communist Party leaders insist that entrepreneurs be clear about the roles they play in the country’s modernisation and national rejuvenation.

Chinese leaders maintain that under the party, China has had a decisive victory over the coronavirus pandemic and is on course to becoming a “modern socialist country” by 2049.

In September, the party issued a new set of guidelines calling on the heads of private businesses to work with the party to “form the backbone of the private economy that can be relied upon and be of use at critical times”. It also said societies of businesspeople must be “guided” and “supervised”.

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