Leaked Records Reveal Offshore Holdings of China’s Elite

[Lux de Veritas]

A bomb went off for weeks overseas and seems that PRC are still not aware, meanwhile people overseas sit by watching drama unfolds.

The scandal broke lose recently, although International Consortium of Investigative Journalists (ICIJ) has received anonymous materials 2 years back. Seems that recently, a lot of western newspaper are receiving materials implicating relatives of certain leadership of China. For this round, they are rock stars like

1. Deng Xiaoping
2. Hu Jintao
3. Li Peng
4. Xi Jinping
5. Wen Jiabao
6. Su Yu
7. Wang Zhen
8. Peng Zhen
9. Dai Xianglong
10. Ye Jianying

Conspicuously this time, the few below who are well known as the biggest fat cats are missing

1. Jiang Zemin
2. Zhou Yongkang
3. Zeng Qinghong

This is an valuable time to understand the factions of PRC as manifested so many times before when there was power struggle.

The disclosure of China's use of secretive financial structures is the latest revelation from "Offshore Secrets", a two-year reporting effort led by the International Consortium of Investigative Journalists (ICIJ), which obtained more than 200 gigabytes of leaked financial data from two companies in the British Virgin Islands, and shared the information with the Guardian and other international news outlets.

In all, the ICIJ data reveals more than 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean, adding to mounting scrutiny of the wealth and power amassed by family members of the country's inner circle.

As neither Chinese officials nor their families are required to issue public financial disclosures, citizens in the country and abroad have been left largely in the dark about the elite's use of offshore structures which can facilitate the avoidance of tax, or moving of money overseas. Between $1tn and $4tn in untraced assets have left China since 2000, according to estimates.

China's princelings storing riches in Caribbean offshore haven | World news | The Guardian

China's elite linked to secret offshore entities | International Consortium of Investigative Journalists

China: Who Uses Offshore Tax Havens | International Consortium of Investigative Journalists

 

[haidian]

So,what's new?

 

[OrionHunter]

$4 Trillion?????

Wow! How many zeros? Let's give it a shot. 000,000,000,000!!! That's more zeros than I can fit in my bank locker!!

Hail to the Han Dynasty! Indian politicians must learn from the Chinese to get into the big league!

 

[Skull and Bones]

India,Japan and the world must liberate the Chinese people from these corrupt people.

STFU.

 

[haidian]

Corruption Perceptions Index 2013
Corruption Perceptions Index 2013 - Results

Corruption Perceptions Index 2013 - Results

India,Japan and the world must liberate the Chinese people from these corrupt people.

You better liberate yourselves first,lol..

 

[Excelias]

We are already free,Arunachal is our land and it is free,in time may tibet be free too.

 

[INDIC]

Corruption Perceptions Index 2013
Corruption Perceptions Index 2013 - Results

Corruption Perceptions Index 2013 - Results

China is a censorland, so its quite obvious that corruption in China is much more than the visible corruption.

 

[haidian]

It was not compiled by China ,and the west has a long tradition of portraying China way more worse than what she really is.so we take this western assessment with a pinch of salt.

 

[Lux de Veritas]

China is a censorland, so its quite obvious that corruption in China is much more than the visible corruption.

The report manages to get publicity in almost all reputable western newspapers like

NYT
http://sinosphere.blogs.nytimes.com...-of-chinese-elite/?_php=true&_type=blogs&_r=0

Washington Post
Piercing the secrecy of offshore tax havens - The Washington Post

Germany Spiegel
Offshore-Leaks-Berichte: China reagiert mit Zensur in Medien - SPIEGEL ONLINE

France Le Monde
OffshoreLeaks : révélations sur l'argent caché des « princes rouges » chinois

 

[haidian]

Western media sources recently reported the Kim's uncle was fed to dozens of hungry dogs and N.Korea claimed having landed a man on the sun. I don't know how much I can really trust western media.

 

[AhsanAmin]

It is true that a lot of capital is moving out of China, and some Chinese economists have proposed suggestions to encourage rich Chinese to keep their money in China.

It may not have something to do directly with Chinese leadership, however their relatives are known to run successful businesses (they might have received undue state assistance or priviliges which is another issue) and rich business owners have been moving their wealth abroad so this is part of a general trend and might not have anything to do specifically with 'Chinese leadership moving capital abroad'.

One can however raise the issue whether relatives of Chinese political leaders used their political influence to setup and run businesses. This is something that society has to think on its own. Most Pakistanis would not have enough knowledge to make expert comments on it.

 

[Genesis]

The report manages to get publicity in almost all reputable western newspapers like

NYT
http://sinosphere.blogs.nytimes.com...-of-chinese-elite/?_php=true&_type=blogs&_r=0

Washington Post
Piercing the secrecy of offshore tax havens - The Washington Post

Germany Spiegel
Offshore-Leaks-Berichte: China reagiert mit Zensur in Medien - SPIEGEL ONLINE

France Le Monde
OffshoreLeaks : révélations sur l'argent caché des « princes rouges » chinois

So did the report that said Beijing broad cast sunrise because of pollution when that was a scene from ad.

The West will believe anything and everything.

There are still people who doubt 9/11, Obama born in Kenya, and all kind of crap.

 

[ChineseTiger1986]

Yeah, 4 trillion, why don't you say 400 trillion?

Everything in China is fake, happy now? Just like 100 million CPC members withdraw its membership from the party.

 

[Lux de Veritas]

Wan Li's granddaughter

Zhou Yongkang son

Bo Guagua


It is right that western media is not credible in many occasions.

In Singapore, we are hearing rumors that how rich PRCs are. Also in PRC newspaper, there are already terms like 官二代，富二代，太子党，贪污腐败，拼爹， 官员100奶， 天上人间，仇富。

Seems that while PRC forum are cursing corruption, PDF PRC are defending them. What is wrong with PDF that makes commenters here so different elsewhere. Also in another recent thread whereby "Indonesia pogrom Chinese", PRC seems to defend murders even though many of the Chinese victims were PRC citizens, not even Indonesian citizens...PRC forum and Indian in PDF seems to have more sympathy in Indonesian Chinese pain.

Cannot understand....

Yes no corruption problem and capital flight...

 

[ChineseTiger1986]

I have all seen these, but too bad you can bring nothing new here.

This is because that human's stupidity has no limit here. Next time try to get Xi Jinping's daughter's topless pics to me.