China’s Elite Moving Wealth Abroad to Protect Assets From ‘CCP Exploitation,’ Says Princeling

Descendants of high-ranking CCP leaders are growing more concerned about the potential loss of their accumulated wealth under Xi Jinping’s leadership.

A pedestrian walks past a billboard showing Chinese yuan (top center), Hong Kong dollar (right) and U.S. dollar currency signs displayed in front of a building in Hong Kong on March 21, 2009. Ted Aljibe/AFP via Getty Images

Descendants of veteran high-ranking Chinese Communist Party (CCP) officials are scrambling to move their assets out of China amid tensions among political factions, according to members of prominent families.

Opting to use an alias for fear of reprisals, Fang Ming, a CCP princeling now living in New York, told the Chinese language edition of The Epoch Times on Oct. 25 that Party head Xi Jinping’s anti-corruption campaign is encroaching on the interests of the Party’s privileged descendants, raising concerns about safeguarding the substantial wealth they’ve amassed in China.