The so-called “Panama Papers” have sparked a series of reactions around the world. The disclosure of financial transactions linked to a Panamanian law firm includes a wide range of political and business leaders. And some of the most explosive ties involve China. HPR’s Bill Dorman has more in today’s Asia Minute.
Few topics in China are more sensitive than the finances of top Communist party officials. The standing committee of the Politburo sits at the very top of the party—right now that’s seven members, including President Xi Jinping. According to the so-called “Panama Papers,” relatives of three of those members—including President Xi-- are listed as directors or shareholders in companies located in offshore tax havens. Relatives of at least five former top party officials also come up in the disclosures.
In the past, both Bloomberg and the New York Times have reported on the personal wealth of Xi Jinping’s relatives, and both later had difficulty obtaining visas for their journalists. In 2013, The Times reported that Bloomberg declined to publish an investigative piece on financial ties between China’s wealthiest man and families of top Chinese leaders…for fear of angering the government…an accusation Bloomberg denied. Last year, the Times reported a story tracing some of those ties.
Over the past three years, Xi Jinping has been leading a campaign against government corruption…going after both high-ranking officials and bureaucrats—or in his words, “both tigers and flies.” By some estimates, that’s resulted in punishment for more than 300-thousand party officials.
