China to offer guidance to counter negative stereotypes of young ‘second-generation’ rich
Wealthy young Chinese scions need direction on behaviour, or their spoilt ways may become more than an economic problem, authorities say
Chinese authorities say they will be keeping an eye on not only private-sector businessmen, but also their children who are gradually taking over their parents’ businesses, to help foster the successful development of the private sector.
The United Front Work Department vowed on Tuesday to step up guidance for the country’s second-generation rich and young entrepreneurs.
The move came after President Xi Jinping told the department to “guide private-sector businessmen, especially the younger generation, to help them think about the source of their wealth and how to behave after becoming affluent”.
The department, which comes under the control of the Communist Party’s Central Committee, is in charge of managing relations with the non-party elite in politics, business and academia.
Some rich young people know only that they are rich, but have no idea where the money comes from
China’s wealthy young scions – known as ‘fuerdai’ in Chinese, which means “second-generation rich” – are often associated with negative stereotypes, such as being spoilt, arrogant and self-willed. Controversy surrounding them often hits the headlines.