Drove luxury cars, lived in villas; China’s richest village now knee-deep in debt

At the beginning of the 21st century, an economic miracle happened in China. An economic boom so great that made capitalist countries started to reconsider socialism. It was the rising of a village named Huaxi, located in Jiangsu Province.

Huaxi started off as a poor village before Deng Xiaoping’s economic reform. It was a man named Wu Renbao that transformed the village into the Chinese Communist Party’s “model socialist village.”

According to The Guardian, Wu Renbao, then former village chief, was passionate about collectivism. During the Cultural Revolution, Wu Renbao was publicly humiliated for intending to set up a factory in the village. A few years later, when Deng Xiaoping called on the government to give back land to peasants, Wu was again criticized for keeping property under collective ownership.
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