His new training is even more surprising given that he is a wealthy private entrepreneur -- a group denied Party membership until recently.

But the multimillionaire chairman of Shanghai Shanxin Real Estate and Development Co. recently spent five days at the school of the Central Committee of Communist Party of China in Beijing -- an institution previously open exclusively to high-ranking Party officials -- to study the Party's economic policies in classes led by professors from both the school and the People's University of China, as well as experts from the State Council's Development Research Center.

"During the training, I was taught a lot about management, sales approaches, and the Internet-based economy," the 53-year-old told Shanghai Daily yesterday.

Wu was one of 42 entrepreneurs -- nine of whom are Party members -- to take part in the event, which symbolizes that the door to the Party is also open to those who own private enterprises, explained the Shanghai Private Enterprises Association, which organized the classes.

Opening the Party to private entrepreneurs is a practice based on the "important thought of three representatives" -- a policy authored and pushed by President Jiang Zemin, who wants to see the Party speak for a broader section of China's population.

Regarding it as an honor, many of the city's private enterprise owners have applied to attend the school, said the association.

"I never dreamed of going to the Party's training school," Wu, 53, said, "Two decades ago, I had very unpleasant experience and was kicked out of the Party."

After becoming a Party member at the age of 19, Wu worked as a cadre at a state-owned petrochemical company, but was asked to give up the Party membership when he was caught taking 2,163 yuan (US$261.64) from a client.

"After I resigned from the company, I almost lost my confidence towards my career and became pessimistic about my life," said Wu.

After a few years working "shabby" jobs, such as delivering cakes and selling fish, he hit it big on the stock market, earning around 300,000 yuan (US$36,288.4) during the late 1980s. The tycoon used his new wealth to open a real estate company, where he earned his real fortune.

The number of private companies such as Wu's now accounts for more than half of the total companies registered in Shanghai, according to the Shanghai Finance Bureau.

While Wu said the training has given him more confidence in the government and future, as a private business owner he still feels his company is considered inferior to state-owned enterprises, especially when competing for a contract from the government.

"I wish the private enterprises would be more accepted than today as the system of our market-based economy further improves," said Wu, noting that the literacy of private-enterprises owners remains to get improved.

(eastday.com December 26, 2002)