Chinese Communist “Princelings” Given Top Posts in Businesses

ntdtv.com | Feb 24, 2012

It’s common practice for the Chinese regime to secure important positions for children of senior Chinese Communist Party members at public economic entities. Two “princelings” of the Party have recently taken posts at major state-run enterprises.

Wen Xuesong is the son of Chinese Premier Wen Jiabao. On February 15th he was appointed chair of the board of the state-owned China Satellite Communications Company.

Chinese media reported on Wednesday that the son of the propaganda chief Li Changchun, Li Huedi, is now the vice president of China Mobile—a major state-owned telecom company.

China expert Frank Tien Xie points out such arrangements are usually not in the interest of the Chinese public.

“Basically since the so called ‘opening up’ of Communist Party policies, the Party princelings have entered various state-run enterprises. Later, when they were privatized, princelings took away much of the wealth. Many CCP officials changed their posts from the Communist Party to becoming a board member or chairman of a company. These individuals get numerous kickbacks, and stock and it amounts to robbing the Chinese people.”

Wen Xuesong and Li Huedi are now among several other Communist Party “princelings” involved in major state-run enterprises. The son of the Chinese leader Hu Jintao, Hu Haifeng, headed a state-run tech company before it was investigated for corruption. The daughter of former Chinese Premier Li Peng, Li Xiaoling, heads a state-run energy company, the China Guadian Corporation.

Recent political Chinese Communist Party infighting has put “princelings” in the spotlight in recent weeks after Wang Lijun, a former top-cop, sought asylum at the US consulate. Wang’s former confidant Bo Xilai is the son of Communist Party elder Bo Yibo, and has been engaging in a power struggle with Xi Jingping—the man tipped to lead the Chinese regime next year.

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