Chinese Officials Flee with Billion’s After Xi Jinping Takes Office

(Image:  epSos.de  via   Wikipedia /  CC BY 2.0 )

It’s only been a few months since Xi Jinping took his place as Secretary-General of the Chinese Communist Party (CCP) and the launch of his high-profile anti-corruption campaign. However, since the CCP’s 18th National Congress, there’s been a big wave of corrupt Chinese officials fleeing the country.

The latest issue of Hong Kong Cheng Ming Magazine reported the CCP’s Central Commission for Discipline Inspection had submitted a report on the new direction of anti-corruption work to the CCP’s Central Standing Committee on Dec 13, 2012.

Statistics released by the People’s Bank of China and the China Banking Regulatory Commission show the amount of foreign exchange withdrawn in the first 10 days of December amounted to $US9.246 billion, while in November it totalled $US14.644 billion. That’s a total of $US23.89 billion withdrawn within two months.

Xi_Jinping_Sept._19,_2012

Xi Jinping, General Secretary of the Chinese Communist Party. (Image: via Wikipedia / CC0 1.0)

 

Evidence indicates that officials across China are selling their properties. According to statistics from the Ministry for Housing and Urban Development and the Ministry of Supervision, there has been a wave of mansions and villas sold in China since mid-November last year.

There was a further increase in December. Sixty per cent of vendors of residential property were anonymous or used pseudonyms or company names. It was reported that after verification, all of these property owners were revealed to be party cadres, government officials or managers of state-owned enterprises.

This is the latest part of a massive trend of Chinese officials fleeing China. According to results of a survey conducted by the Chinese Academy of Social Sciences, around 18,000 officials have fled overseas with a total of $US127 billion since the mid-1990s.

Another study indicated family members of 91 per cent of CCP Central Committee members have emigrated, with many taking foreign citizenship. Meanwhile, 88 per cent of members of the Central Commission for Discipline Inspection have done the same.

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