The Chinese Communist Party (CCP), seeking to insulate the country’s top brass from Western sanctions like those imposed on Russia over the Ukraine conflict, has allegedly issued a directive discouraging senior officials from buying assets abroad.
The new policy will block promotions for CCP elites who have significant overseas holdings, the Wall Street Journal reported on Thursday, citing unidentified people familiar with the matter. The restriction will apply not only to assets owned directly and indirectly by high party officials themselves, but also those held by their wives and children.
The CCP’s Central Organization Department is said to have issued the new investment restriction in an internal notice in March, weeks after Russia launched its military offensive against Ukraine. Ministerial-level party leaders will no longer be allowed to own such foreign assets as real estate and stocks, according to the report.