The lack of market regulations has in one way or another contributed to the birth of many "problem tycoons" in China, says an article in Qianjiang Evening Post. The following is an excerpt:
The recent reports about the alleged charge of "market manipulation" against Huang Guangyu, chairman of Gome Electrical Appliances, have yet to be confirmed by the police or the company, leaving people to wonder whether Huang is really involved in any wrongdoings.
It is not the first time tycoons like Huang have been probed.
Last year, dozens of Chinese tycoons were found guilty. Their misdeeds reflected both their wild acts and the lack of regulations in the market. Probes into these "problem tycoons" have made the public wonder whether it's their personal reasons or the government's lack of necessary monitoring that have led to their falls.
These cases should make us reflect upon the supervision system, legislation and law enforcement process.
The government must think more about how to improve market regulation and prevent the emergence of more problem tycoons.