China Insists Party Elites Shed Overseas Assets, Eyeing Western Sanctions on Russia
HONG KONG—China’s Communist Party will block promotions for senior cadres whose spouses or children hold significant assets abroad, people familiar with the matter said, as Beijing seeks to insulate its top officials from the types of sanctions now being directed at Russia.
The ban, outlined in an internal notice by the party’s powerful Central Organization Department, could play a role in Chinese leader Xi Jinping’s efforts to increase his influence at a twice-a-decade leadership shuffle scheduled for later this year.
Issued in March, the directive prohibits spouses and children of ministerial-level officials from holding—directly or indirectly—any real estate abroad or shares in entities registered overseas, the people said.
Senior officials and members of their immediate families would also be barred from setting up accounts with overseas financial institutions unless they have legitimate reasons for doing so—such as study or work—the people said.
The directive came as Mr. Xi seeks to minimize geopolitical risks for the Communist Party amid concerns that officials with overseas financial exposure could become a liability if the U.S. and other Western powers impose sanctions against Chinese leaders and their relatives, similar to what was done against Moscow following Russia’s invasion of Ukraine, the people said.
“Leading cadres, especially senior cadres, must pay attention to family discipline and ethics,” Mr. Xi told the party’s top disciplinary agency in January. Officials must “lead by example in managing their spouses and children properly, being a dutiful person and doing things in a clean way,” he said.
The Central Organization Department didn’t respond to a request for comment.
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GUNS N GEAR
So I had a Financial question about this, till I Re-read the Article thrice.
Top to bottom then Bottom to top…yes…backwards if you will.
Then this…popped at me.
“Beijing seeks to insulate its top officials from the types of sanctions now being directed at Russia.”
Makes Sense, it also leaves Ominous Questions.
And I am a believer that, The Dragon is a Hell of alot more Patient than Ol’Sammy and his Minions.
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Just some Observations from here down.
This is Amusing and Utter BS. But I guess Espionage doesn’t fall into that category.
“” Mr. Xi told the party’s top disciplinary agency in January. Officials must “lead by example in managing their spouses and children properly, being a dutiful person and doing things in a clean way,” he said.”
Hell, even American Politicians don’t do this why should the Chiner-man?
“The party introduced rules in 1995 that required leading cadres to report their income and has since added regulations asking officials to disclose more personal and financial information, including details of their spouses’ and children’s employment, as well as real estate and investment holdings.”
Ahhhhh, The Panama Papers…
Well that just Dryed up and Blew away like a Snotty Rag across the Sahara.
I reckon ALL that International Political and Corporate Money…Just wanted it’s Privacy.😂
Quick Rant…..
Good Lord, SOURCES, Sources are just a joke now.
People said, un-named, people intimate with the matter…etc etc..
Man, the International Community learned that trick pert damn fast from American Journalism, if you can call ot that.
Doesn’t anyone Stand Up anymore?
We are ruled by cowards. Unreal.