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China's incoming president Xi Jinping's family has wealth of 100 millions

Sorry, but what does him having a lot of cash in his belt have to do with personal corruption? Not all millionaires become corrupt. We'll just have to wait and see if Xi's wealth goes to his head. So far I see great things in Xi's personality, especially when he visited the rural areas of the Midwest. He's a funny guy!
 
Sorry, but what does him having a lot of cash in his belt have to do with personal corruption?

How does a "public servant" with an official salary of $20K/year amass $100 million fortune? By working hard and investing his 20K/year salary? Hell no.
 
China's incoming president Xi Jinping's family 'has wealth of hundreds of millions'
The family of China's next president has amassed a fortune running into hundreds of millions of pounds, according to a hugely damaging new report.

By Malcolm Moore, Beijing

3:40PM BST 29 Jun 2012

The revelation comes as the Communist party faces increasingly difficult questions about how its leaders, who are paid ministerial salaries of just £8,000-a-year, live such gilded lives.

Xi Jinping, who turns 59 this month, is all but certain to be unveiled later this year as China's next paramount leader.

Mr Xi has carefully fostered a reputation for clean government, and there is no evidence that he has a personal fortune. Chinese officials are forbidden from accumulating significant wealth.

However, his daughter Xi Mingze studies at Harvard University under a pseudonym and an investigation by Bloomberg revealed yesterday (FRI)

that Mr Xi's other relatives have built an enormous empire.
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The investments are hidden from public view in multiple holding companies, but were identified among thousands of pages of regulatory findings, Bloomberg said.

The family's interests include a 1.83 billion yuan (£188 million) share of the assets of Shenzhen Yuanwei, a property investment company, according to a filing from December 2011.

Other companies in the same group, wholly owned by the family, have assets of at least 539.3 million yuan. They also have an indirect 18 per cent stake in Jiangxi Rare Earth & Rare Metals Tungsten Group, whose assets are worth some £1.1 billion.

Another 3.17 million yuan investment in Beijing's Hiconics Drive Technology company, made in 2009, is now worth 128.4 million yuan. The sums do not account for liabilities and consequently do not reflect the net worth of the family.

The family also owns a villa in Hong Kong worth £20 million and another six properties in the former British colony with an estimated value of £15.4 million. The Chinese Foreign ministry declined to comment on the revelations.

Most of the traceable fortune is held by Mr Xi's older sister, Qi Qiaoqiao, 63, her husband Deng Jiagui, 61, and her daughter Zhang Yannan, 33. However, a brother-in-law, Wu Long, ran New Postcom Equipment Co, which has won hundreds of millions of yuan in contracts from state-owned China Mobile.

No assets were traced to Mr Xi himself, his wife Peng Liyuan, or their daughter. There is also no indication that Mr Xi helped to advance his relatives' business, or of any wrongdoing by Mr Xi or his family, Bloomberg said.


However, the Chinese authorities were quick to censor the report, blocking Bloomberg's website from view on the mainland.

As China prepares for its once-in-a-decade transition of power, there is growing outrage over the wealth of its "princelings", the relatives of Communist party leaders.

While many princelings engage in legitimate business, there is a widespread perception that they trade on their connections to make money.

Bo Xilai, a member of the Communist party's politburo and the former chief of Chongqing, is now under investigation amid suspicions that his wife funnelled billions of dollars out of China.

On April 11, just hours after announcing Mr Bo's purge, the People's Daily, the official party mouthpiece, attacked Communist leaders for parlaying their power into wealth.

"Many use designated third parties – spouses, sons and daughters, lovers or friends" to generate and conceal wealth," it said.

Mr Bo's son, Guagua, has recently graduated from Harvard after studying at Papplewick, Harrow and Oxford University. His elder brother used a second name to control millions of pounds of shares at the Hong Kong subsidiary of a Chinese state bank. Two of his sisters are worth at least £80 million, according to a separate Bloomberg investigation.

There is a danger now, however, that the exposure of Mr Bo's wrongdoings will serve to illuminate the behaviour of other Communist party leaders. "Even Bo's opponents want everything to return to normal as soon as possible. His case is not unique and in some way illustrates the breakdown of the entire system," said one university professor, who asked not to be named.

Bo Zhiyue, a professor of Chinese politics at Singapore's National University said no systemic change is likely: "It is not possible for them to go after the princeling families. It would be like committing suicide. In the end, they will make Bo a single case and claim there is no wider implication." The revelations about Mr Xi's family's wealth will now challenge that.

Meanwhile, a poll in the People's Daily showed 91 per cent of respondents believed that all rich families in China had political backgrounds.

China's incoming president Xi Jinping's family 'has wealth of hundreds of millions' - Telegraph

Members of his family has money. He doesn't.

This is what you call a hatchet job journalism. The publication is factual in laying out the news, but the fact is what matters is what the reader think Telegraph is insinuating. Telegraph knows very well how readers will interpret this article.

BTW, his daughter is a student in Harvard.

If Obama's kid was going to a school in China, the Republicans would hang Obama by his cojons siting security risks.
 
the main point is 91% of rick are those with a POLITICAL BACKGROUND :lol: :lol:

so the only rich people in China are the ccp and its relatives. :lol:

Well, the richest people in China is Baidu's owner, Robin Li:
Wiki: Li was born in the city of Yangquan in Shanxi Province, China, where he spent most of his childhood. Both of his parents were factory workers.

Several of my classmates worth around $100 millions and they are all from humble backgrounds. In past 20 years, if you are smart enough you could make a lot of money in China. For a person like Xi who has so many social relations, he will make this much money regardless (His wife is more famious than him). No big surprise.
 
We are against the crony capitalism like those in Wallstreet, while if you become rich with your own hardwork and capability, then you won't be hated by the rest.

Many of our leading scientists are freaking rich multi-millionaires or even billionaires, we all knew that, but we also knew their contribution to our society, and we won't blame them at all. :coffee:
State directed/sponsored capitalism is filled with crony capitalists. The Chinese Communist Party directs appointments of companies, state owned or not. How much more cronyism can you get? I suggest you read up on the history of English mercantilism and see the parallels of what happened yesterday with the China of today.
 
Well, the richest people in China is Baidu's owner, Robin Li:
Wiki: Li was born in the city of Yangquan in Shanxi Province, China, where he spent most of his childhood. Both of his parents were factory workers.

Several of my classmates worth around $100 millions and they are all from humble backgrounds. In past 20 years, if you are smart enough you could make a lot of money in China. For a person like Xi who has so many social relations, he will make this much money regardless (His wife is more famious than him). No big surprise.

Isn't his wife a famous singer? If so, why does it surprise anyone that his family has US$ 100 m?
 
Götterdämmerung;3123858 said:
Isn't his wife a famous singer? If so, why does it surprise anyone that his family has US$ 100 m?

According to Bloomberg, his family has a total net worth of 376 million USD, and it mostly belongs to his sister and his brother-in-law.
 
Götterdämmerung;3123858 said:
Isn't his wife a famous singer? If so, why does it surprise anyone that his family has US$ 100 m?

Just some journalism to discredit the new China leader. I guess everybody seems to forger that in the US where only rich people can run for presidency considering the amount of money they need to spend on those campaigns. Plus rich celebrities and business men donate some of their money to their favorite candidates. These huge companies lobby a lot and receive benefits when those Republicans gets chosen.
This article just wants to point out that our new president has rich families and probably is linked with corruption.
 
Just some journalism to discredit the new China leader. I guess everybody seems to forger that in the US where only rich people can run for presidency considering the amount of money they need to spend on those campaigns. Plus rich celebrities and business men donate some of their money to their favorite candidates. These huge companies lobby a lot and receive benefits when those Republicans gets chosen.
This article just wants to point out that our new president has rich families and probably is linked with corruption.

Correct. This piece is just another dime in the dozen propaganda articles by the US (west) to discredit China. All they can do is talk trash, but they can't touch us.
 
I read somewhere last week Bloomberg personal net worth is over $8 billion, that's one of the reason he pay himself $1 a year on the city payroll.

The corruption of the CPC leaders may be largely exaggerated by the western journalism, but today's CPC members are indeed much richer and don't possess the same noble spirit and belief of their predecessors.

The early CPC members were a group of brave Marxist guerrilla fighters, now China is getting much richer under their governance, but their successors and their descendants are also getting richer.

So the Chinese people should ask CPC to go back to their root and stop degenerating their belief, as the greed is the human nature, we can't absolutely stop, but we still need to fight against the greed within ourselves.

CPC needs to make a self-review, even they have done an excellent job by booming China's economy, the event of Bo Xilai should make them to keep alert against the corruption.
 
Xi Jinping is the cleanest of the bunch! :rolleyes:

Looks like Washington is panicking because Xi Jinping turned out to be just like Vladimir Putin, not like weak and ineffectual Hu Jintao / Wen Jiabao.
 
Former China president Jiang Zemin dead: reports
July 06, 2011|Steve Gelsi

NEW YORK (MarketWatch) -- Jiang Zemin, former president of the People's Republic of China, has died, according to reports on Wednesday. Citing Hong Kong television station ATV, Kyodo News published a headline on its Web site that the leader passed away. Citing sources, ATV said that Jiang died, but there has been no official confirmation from China, Kyodo News reported. Jiang, who stepped down as president in 2003, was absent from China's celebration of its 90th anniversary, according to reports.


Former China president Jiang Zemin dead: reports - MarketWatch

China's ex-leader Jiang Zemin dead: Report
By IBTimse HK Staff Reporter | 07/07/2011 7:59 AM HKT

Jiang Zemin, the "Core of the third generation" of Communist Party of China (CPC) leader, is reportedly dead and China's government is apparently keeping silent on the death rumors.
...

http://hken.ibtimes.com/articles/175570/20110706/china-ex-leader-jiang-zemin-dead-report-rumor.htm

-------------

Enjoy western reports!
 
so what? Doesnt matter, our president has 2 billion USD. What about indian PM, rulling party'?
 

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