Wandering China

An East/West pulse of China's fourth rise from down under.

Jiangsu Village Gives Every Villager Gold and Silver Bars [ChinaSmack]

China’s collectivism – when and ‘where’ it works it works well as Jiangsu village party chief Li Liangbao’s promise in 2009 is made good.

In some areas entire villages, counties do well. In others, corruption is so intense the entire province does badly. (Further reading – is China’s sense collectivism under threat?) Will the rest of China’s village party chiefs get inspired?

From my travels around the province of Jiangsu and witnessing farmers owning multi-storied mansions as homes, this is not the most surprising piece of news for me.

Gold, silver and even a safe provided for each villager’s stash of 100 grams of silver and 100 grams of gold last week. That’s no small amount – 100 grams of gold makes more than 3 ounces of it. With gold prices peaking at almost $2000/oz last year, it would be a desirable thought to have working collectivism such as this working throughout China.

For more, see the Jiangsu Xing Chang Jiang Group Co.

For cross-referencing, see below:

Free gold for villagers (People’s Daily, March 23, 2012)
Golden day for villagers
(Shanghai Daily, March 24, 2012)
Chinese Villagers Get Free Gold and Silver Bars (Inquisitr, March 25, 2012)
Villagers in Golden Globe City given 100-gram bars of gold and silver (China Money Report, March 24, 2012)

Check out the video here (in Mandarin)-

– – –

Jiangsu Village Gives Every Villager Gold and Silver Bars
by Joel
Source – ChinaSmack, published March 24, 2012

Source - China Smack

Netizens are enviously eying the spoils of Changjiang village in Jiangsu after every one of the village’s 3,000 residents received 100 grams of silver and 100 grams of gold last week. Delivering on a promise made in 2009, the village’s party chief brought in over 600 kilograms of gold and silver via the Yangtze River for distribution.

Changjiang village and its residents are the collective owners of the Jiangsu Xinchangjiang Group, a top 500 company in China, and have raked in benefits in the past including private villas for every family, stock dividends, and a previous silver and gold giveaway in 2010. Last week’s giveaway fulfills the promise made by party chief Li Liangbao to get gold into the hands of every villager. Gold was specifically requested by the villagers given its investment purposes and reputation.

At around 400 RMB ($62.50) per gram of gold at today’s market price, each resident received a windfall of roughly 40,000 RMB ($6,250). The largest amount given to a single household was 700 grams, or roughly 280,000 RMB ($43,750).

Given the precious cargo of the barge used to ferry the precious metals up the Yangtze, the entire operation was shrouded in secrecy. Before the gold arrived, villagers received a secretive message along with a safe, sparking rumors their gold was arriving soon. Sure enough, two days later the barge arrived and villagers quickly queued to receive their share.

What does one do with 40,000 RMB’s worth of gold? While some residents plan on turning it into an heirloom, others have more practical purposes in mind including giving the gold away to their future son-in-law.

Changjiang already had a large reputation, now with our gold our reputation is even larger. Based on this reputation, we’re not worried about our daughter having trouble finding a suitable man to marry.


Filed under: Beijing Consensus, China Smack, Chinese Model, Collectivism, Culture, Domestic Growth, Economics, Government & Policy, Influence, Mapping Feelings, Peaceful Development, People, Population, Public Diplomacy, Social, The Chinese Identity

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