China’s corruption crackdown and Xi’s hidden wealth
His family amassed a fortune worth more than ‘US$1 billion,’ according to a US intelligence agency
President Xi Jinping launched a never-ending purge against corruption after taking control of the Communist Party of China more than a decade ago. Yet it has been reported that he and his extended family have amassed a hidden fortune worth more than US$1 billion.
A major study by the United States Office of the Director of National Intelligence or ODNI revealed that they had built a portfolio of business investments and real estate. Before taking power, Xi “may have urged family members to divest” their holdings.
“[Still,] industry research provides evidence that, as of 2024, Xi’s family retains millions in business interests and financial investments,” the ODNI report pointed out.
“While the available data does not link the investments directly to Xi, it is possible that these holdings are managed indirectly on [his] behalf,” it stated earlier this year.
Corruption is the biggest threat to the [Communist] Party [of China].
Xi Jinping, China’s President
Caught in a dragnet:
- Between 2012 and 2022, nearly five million officials were investigated, with 4.7 million found guilty and expelled from the Party.
- “In his words, Xi intended to make government officials ‘unable and unwilling to be corrupt,’” the ODNI stressed.
Delve deeper: Senior officials and military commanders, including former Defense Minister Li Shangfu and Admiral Miao Hua, have been ensnared in recent months. Both were considered to be Xi allies.
Between the lines: “By expanding [the crackdown], Xi is taking another step to strengthen his control over all aspects of the People’s Liberation Army’s operations,” the Washington-based Jamestown Foundation defense policy think tank reported last month.
Big picture: Shrouded in the government’s obsession with secrecy, Xi has continued to insist that “corruption is the biggest threat to the Party” and China as a whole.
China Factor comment: But the lack of transparency and independent watchdogs have turned Beijing’s anti-corruption crusade into a corrupt campaign. It is now used to suppress opposition voices, making Xi’s clique even more powerful and probably richer.