From People's Republic To Private Equity

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As it turns out, Marx had history precisely backwards. Ownership of the means of production are increasingly heading away from the masses toward private pools of private capital. And now that includes the private capital of the clique that runs China:

China will create an agency to invest its immense reserves of foreign currency, now totaling more than $1 trillion, the country's finance minister announced on Friday.
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China's finance minister, Jin Renqing, announcing a new agency Friday at the Great Hall of the People in Beijing.
The minister, Jin Renqing, offered no specifics about how much of China's currency reserves would be under the agency's control. But whatever the precise figure, analysts say that the agency is certain to begin life as one of the world's biggest investment funds.

China to Open Fund to Invest Currency Reserves [New York Times]

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