At the annual meeting of the National People's Congress that begins March 5, one group clearly stands out – the 114 of the nearly 3,000 delegates of the National People's Congress (NPC) that are on the Hurun list of richest Chinese.
China’s richest people account for close to 4% of the members of the body that officially acts as China’s national legislature. This high level of representation is at least somewhat ironic in a nation that still follows Communist doctrine.
Several events this year mark China’s rise in international monetary affairs. On 26 January 2016, the International Monetary Fund (IMF) increased China’s voting share from 3.82 percent to 6.09 percent. On 1 October 2016, the Chinese Yuan (CNY) will become the fifth currency in the basket of the IMF’s basket of leading international currencies, which so far consists of the US Dollar (USD), the Euro, the Japanese Yen and the Pound Sterling.