When Xi Jinping in March banned senior Communist Party officials and their families from owning substantial assets abroad, many took it as a sign that Beijing was preparing for war against Taiwan. The timing shows that Xi is concerned about the West’s pursuit of the assets of Russian oligarchs in response to the invasion of Ukraine. But the decree also points to a weakness in Mr. Xi’s regime: China, like Russia, is a full-fledged military regime whose ruling elites often illegally profit in overseas tax havens. and Western financial centres, including the US Official pairing are becoming a distinct source of anger for Chinese citizens as they face draconian sanctions and economic inequality increases.
Kleptocracy hasn’t had a significant negative impact on the Chinese economy until recently, which is probably why foreigners rarely realize what it is. The common form of corruption in China involves cultivating cozy relationships between tycoons and party officials, who are expected to spur economic growth at all costs. In the short term, this can coexist with double-digit growth. But political cover, lucrative licenses and state-backed credit paired with happy officials have ballooned China’s property sector and poisoned the country’s financial system, with The consequences now threaten the broader economy.
https://www.wsj.com/articles/xi-jinping-chinese-corruption-taiwan-kleptocracy-belt-and-road-money-laundering-tax-havens-national-security-11656271036 Now is the time to expose China’s corruption