Chinese elites selling off properties abroad amidst fears of sanctions from West

Chinese elites abro are selling off ir immovable assets after Xi Jinping regime banned ownership to insulate government from future economic sanctions from west. Asian giant is alrey marred by an array of financial embargoes by western states pertaining to its treatment of minorities in Xinjian region, using social media to clandestinely access user data inter alia. Notably, former US President Donald Trump accused Chinese Military Companies of distributing service technology and slapped hard-hitting sanctions on m.

Meanwhile, new move is being seen as a direct repercussion of ongoing Russia-Ukraine war, which saw western powers seizing assets of Russian oligarchs. As Beijing anticipates punitive measures by west amidst escalating tensions, President Xi Jinping has asked his party officials to “le by example in managing ir spouses and children properly, being a dutiful person and doing this in a clean way,' as reported by HK Post. 

China prohibits officials from owning properties abro

A few weeks ago, CCP's Central Organisation Authority issued a notice which prohibited “ministerial-level officials” from holding properties or shares registered outside China. “It (New rule) prohibits “prohibits spouses and children of ministerial-level officials from holding — directly or indirectly — any real estate abro or shares in entities registered overseas," it said. In dition to aforementioned directive, party has also announced its decision to “block promotions for senior cres whose spouses or children hold significant assets abro”. According to HK Post, Beijing is especially concerned about Taiwan - a self-governing island, which has served as main flashpoint between Washington and Beijing. 

China has triggered global flak amidst ongoing war in Ukraine due to its lack of action against "invers." On Friday, Chinese President furr irked west after he said that he wants to boost bilateral tre relation with Moscow, despite learning about Russia's unlawful action against Ukraine. Notably, he was speaking at St. Petersburg International Economic Forum (SPIEF)-- an annual Russian business event for economic sector-- which is also popularly known as "Russian Davos". According to an official English translation carried by Russian state brocaster RT, Chinese President affirmed that tre with Moscow was expected to hit new records in next few months.

(With inputs from ANI)