Wall Street

Assembling a list of Chinas 100 wealthiest business people would have seemed an odd exercise not so long ago. But as the countrys economic might and entrepreneurial freedom have grown dramatically, Forbes Magazine has applied its expertise to China and will soon expand their list to highlight the 400 wealthiest in the country, just like the U.S. edition.

UVM alumnus Russell Flannery, Class of 1981, is the magazines Shanghai bureau chief and heads the team that puts together the annual list. He returned to the university on Feb. 8 for a talk on Chinas Economic Boom: What Will Private Sector Reforms Mean?

Flannery described the current state of rapid economic and social change in China, the worlds fastest growing economy, a place with one-quarter of the worlds population and booming from one end to the other. Its an era, Flannery said, that produces some strange bedfellows newsstands where glossy magazines dense with ads for luxury items are displayed next to copies of The Peoples Daily, the mouthpiece of the Communist Party.

Dramatic urbanization, growing disparity in income levels, intellectual property rights, press freedom, and the possible political ramifications of an economic downturn are among the many issues looming for China. One thing that appears certain, Flannery said, is that there is little sign that the countrys economic growth will slow down any time soon. The combined wealth of this years top 100 individuals, $29 billion, is up 30 percent from last years figure.

Serendipity led to the alumnuss return visit to UVM. Two weeks ago, Economics Professor Art Woolf heard a BBC report by Flannery and recognized the name as a student hed taught early in his UVM career. A quick follow-up confirmed that it was, indeed, the same Russell Flannery. A conference, editorial research, and a visit to his family in Rutland brought Flannery back to the States this month, and at Woolfs urging he included UVM on the itinerary. Before his talk in Billings, Flannery fondly remembered pulling all-nighters downstairs in the Cynic office during his days as editor.

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