New Chinese Stock Market

April 1, 1999

New Chinese Stock Market Deals in...Chinese

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By AMANDA B. RECKONWITH

UNAN, CHINA -- In a move sure to anger human-rights groups, one of China's most pathologically bustling provinces has created a stock market offering shares in, of all things, people. According to Hunanese officials, this is an attempt to transfer some of China's growing wealth from the urban elite, to the masses from the countryside. These cash-poor peasants, called "bao de" [literally, "dipsticks"] have been left behind as the country turns itself into one big Times Square.
"We believe that placing yourself on the The Glorious Hunan Human Stock Exchange of the People will allow you to raise capital more easily, with reduced risk to investors," said Gao Gang, the silver-haired, no-nonsense head of the GHHSE. The spanking new bourse, he proudly notes, has several desktop computers and is the only one of its kind to have a state-of-the-art jail in the bottom. (The structure was built by a German company, under the impression that it was to be a "maximum security indoor resort.")
Gao dismissed any possible criticisms as the "piteous malingering of a few freedom-crazed Westerners," who are just jealous that they didn't think of it first. "It's not slavery," said Gao. "Far, far from it." But when presented with a definition of "slavery," Gao replied. "Oh. Then it is slavery.
"However, what you call in the West call 'slavery,' we call 'extremely directed activities.'"
For a small fee, Chinese nationals can list themselves on the Exchange, after undergoing a rigorous physical and mental examination, so that that State may verify information contained in their prospectus. Exchange officials will then set an opening price according to the individual's skills, health and overall earning potential. Presently, only Chinese citizens can list themselves on the Exchange, but if the experiment goes well, it is likely that overseas Chinese will also be listed in the near future. The eventual listing of Taiwanese without telling them seems almost certain.
"Our main concern is, what if someone owns 51% of you, and you're a lousy investment?" said Lynne Johnston, spokesman for Free! Free! Free!, a human rights organization based in Toronto. "Do you liquidate yourself?"
"So what if you did? What's the big deal? Japanese have been doing that for centuries," said Lin Gaofeng, a spokesman for Xinhua, the New China News Agency. "You don't hear any Chinese people complaining, do you? Shut up! That was you talking behind your hand!"

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