Following in the footsteps of Mei Yonghong, mayor of Ji'ning city, East China's Shandong province, who recently resigned and went into business, Ding Lei, deputy head of Shanghai Pudong New Area, has joined LeTV and got several senior executive positions, including one as co-founder of its electric-car unit, Leshi Super Electric Car Co.
The media has termed the two senior government officials' move as the "new 50-year-old phenomenon", because both resigned from their posts in their early 50s.
The "old 50-year-old phenomenon" refered to officials who started taking bribes and got involved in other corrupt activities around 50 years of age, that is, when they hit the "ceiling" of their official careers and began abusing their powers to make money through illegal means.
Different from the "old 50-year-old phenomenon", the new trend is about officials with solid professional backgrounds choosing to resign from their posts to pursue their aims in business, which is legal and acceptable.
The new phenomenon has something to do with the ongoing innovation drive of the central government, which provides more opportunities and possibilities for individuals to achieve their life's goals by exploiting the market. It also indicates a flow of talents between businesses and government organizations.
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