Wrong to tar all entrepreneurs with same brush

The booth of Shanghai Fosun Pharmaceutical at an industry expo in Nanjing, capital of Jiangsu province, in September. Listed companies related to Fosun International had a torrid day on Monday at the bourses. [Photo/China Daily]

Guo guangchang, chairman of Fosun International Ltd, attended the company's annual meeting in Shanghai on Monday, four days after the company said it was unable to contact him. He was reportedly assisting a judicial investigation before he reappeared and returned home. Beijing News deems it unnecessary and unwise for people to deride Guo as a "typical" Chinese businessman who got too close to officialdom for a share in an illegal exchange of interests:

To many, Guo's disappearance is a natural result of the "sins" committed by most private businesspeople. Such a vague description is not only discriminatory toward private enterprises, but also goes against the rule of law.

Accusing an entrepreneur of misdeeds without proof is a dangerous attempt to deny individuals and private businesses lawful ownership of private assets. Such a mentality may lead to the conclusion that private enterprises' assets are illegal, and they can be deprived of them at any time. This is not only unconstitutional, but will result in more uncertainties for China's economic growth, as private and mixed-ownership companies are playing an increasingly important economic role nowadays.

One should not stereotype private entrepreneurs as profiteers. Of course, anyone involved in power-money exchanges must be held accountable in line with proper judicial procedures, but they should not be convicted by public opinion on the basis of some groundless accusations. All legal private wealth and law-abiding private companies are under the protection of the law.

True, in its decades-long pursuit of a market-oriented economy, the country has witnessed a number of corruption cases involving the illegal transfer of interests between entrepreneurs and officials, especially after the anti-graft campaign was launched. Yet a fundamental cure to the malicious nexus between government and businesspeople lies in nationwide institutional reform, which should seek to streamline and supervise administrative power.