The Chinese Communist Party (CCP) has reportedly ordered a ban on spouses and children of its senior officials from holding assets abroad. Failure to do so could prevent the cadre from receiving a promotion within the party. Experts warn that such measures may also apply to Beijing-affiliated officials in Hong Kong in the foreseeable future.
According to a Wall Street Journal (WSJ) report, an internal notice by the CCP’s Central Organization Department outlined a directive prohibiting immediate families of “ministerial-level officials from holding—directly or indirectly—any real estate abroad or shares in entities registered overseas.”
The ban would also bar senior officials and their immediate families from “setting up accounts with overseas financial institutions” except for legitimate reasons such as study or work, people familiar with the matter reportedly told WSJ….