When money doesn’t equal success

“The party personnel system isn’t based on performance and competence. It’s based on loyalty and connections.”

So says one Fred Hu about the CPC in a Wall Street Journal piece on how the head of the biggest bank in China (and world) got stepped over for promotion — when the heads of other state-owned banks did. This may be one of the most obvious statements ever quoted by a major newspaper, but it comes with a great anecdote to illustrate it. The only thing CPC officials like more than money is loyalty.

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