On May 19, it was reported that the CCP’s Central Organization Department had issued an internal ban in March this year to prohibit spouses and children of all officials at the ministerial level and above from holding, directly or indirectly, overseas properties, assets or shares of overseas registered entities. They are also not allowed to open bank accounts at overseas financial institutions unless they have a legitimate reason, such as to study or work. The ban requires these officials to sign an undertaking declaring their compliance with the new rules, and explicitly prohibits the promotion of senior cadres whose spouses or children have significant assets abroad.
It is reported that some overseas family members of senior officials are already selling assets and shares in overseas companies.
Some analysts say the CCP introduced the directive in hopes of minimizing the geopolitical risks it faces. They fear that officials with overseas assets could become a burden if the U.S. and other Western powers impose sanctions on CCP officials and their relatives as they did on Russia.
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