Red hat merchant explained
Red hat merchant[1] (; hong-ding shangren), alternatively translated as red-hat businessman,[2] entrepreneur with red hat,[3] refers to a government official who also appears as a businessman, combining the roles of civil servant and businessman, that is, "government businessman".[4] The term originated from the Qing dynasty and was initially used to describe state officials who were also engaged in commercial activities.[5] At that time, wealthy officials often wore caps with rubies.[6] The typical representative of the "red hat merchant" is Hu Xueyan, a prominent businessman in the late Qing dynasty.[7]
Nowadays, the term "red hat merchant" is widely used to refer to a businessperson who benefits from good relationships with important high-level government officials.[8] The term is also used to refer to businesspeople who hold top positions in local companies and local government financing vehicles.[9]
Notes and References
- Book: Michael Dillon. Encyclopedia of Chinese History. 1 December 2016. Taylor & Francis. 978-1-317-81716-1. 303–.
- Book: Elie Virgile Chrysostome. Rick Molz. Building Businesses in Emerging and Developing Countries: Challenges and Opportunities. 16 April 2014. Routledge. 978-1-136-16885-7. 116–.
- News: Reshuffling Four Tiers of Local Leaders:Goals and Implications. Hoover Institution. 7 July 2006. Cheng Li.
- News: Contemporary "Hu Xueyan" persons. Deutsche Welle. 18 September 2010.
- Book: G. E. Anderson. Designated Drivers: How China Plans to Dominate the Global Auto Industry. 19 June 2012. John Wiley & Sons. 978-1-118-32885-9. 3–.
- News: 8,000 Chinese officials quit business posts. People's Daily Online. 29 December 2004.
- News: Folly of blindly chasing profits. The Standard. 30 July 2020.
- News: The changing forms of corruption in China. Springer.com. 27 April 2021. Crime, Law and Social Change. 75 . 3 . 247–265 . 10.1007/s10611-021-09952-3.
- Book: Chen, Muyang . The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance . 2024 . . 9781501775857 . Ithaca and London . 10.7591/jj.6230186.
