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Shanghai's Remolded Capitalists Persist in Mao Era
FELIKS TOPOLSKI reports on Shanghai's so called remolded capitalists led by Wu Tsong Yi. He notes 90,000 such traders survive on 5 percent returns from confiscated 1949 enterprises, living in villas with servants while the city sanitizes vice and modernizes slums. Wu fled to Hong Kong in 1949 then returned as a valued manager with a 10,000 spindle mill employing 6,000 workers.
MENTIONED IN THIS ARTICLE
Feliks Topolski
Newspaper Enterprise Assn., Inc
Shanghai
NEA
China
Mao Tsetung
Wu Tsong Yi
Sung Sing No. 9
Manking Road
Moscow
Cardinal Leyes
Hong Kong