WHAT ARE THEY PLANNING TO DO THAT WILL INVOLVE PUTIN-LIKE SANCTIONS? China Insists Party Elites Shed Overseas Assets, Eyeing Western Sanctions on 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.
It isn’t clear if the rules apply retroactively, but family members of some senior officials have sold shares in overseas companies in order to comply, the people said. It isn’t known if the directive will be made public.
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.
UPDATE: A friend writes: “That CCP order probably has a lot to do with controlling high-ranking members. Overseas accounts and real estate are not only great investments, but safety valves. Bolt holes. I still think we should hit the PRC with about a $3 trillion sanction for loosing the Wuhan.”