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Ed Jones / AFP - Getty Images, file
China's Premier Wen Jiabao's mother, siblings and children have accumulated huge wealth since Wen was named vice premier in 1998, according to the New York Times.
The family of Chinese Premier Wen Jiabao, a leader known for his humble roots and compassion for ordinary Chinese, has accumulated massive wealth during his time in power, the New York Times reported on Friday.
"A review of corporate and regulatory records indicates that the prime minister's relatives, some of whom have a knack for aggressive deal-making, including his wife, have controlled assets worth at least $2.7 billion," it said.
The Times' websites in English and Chinese were blocked in China on Friday morning, and searches for the New York Times as well as the names of Wen's children and wife were blocked on China's main Twitter-like microblog service.
More China coverage from our Behind the Wall blog
Wen's mother, siblings and children have amassed the majority of the wealth since Wen was named vice premier in 1998, the Times reported. Wen was promoted to the premiership in 2003.
Giving one example, the Times said partnerships controlled by Wen's relatives and their friends and colleagues held up to $2.2 billion in stock in Ping An Insurance (Group) Co of China Ltd in 2007, the last year those stock holdings were disclosed in public documents.
Wen's 90-year-old mother had one investment in Ping An that was worth $120 million five years ago, the newspaper added.
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The Times said it presented its findings to the Chinese government for comment. The Foreign Ministry declined to respond. Members of Wen's family also declined to comment or did not respond to requests for comment, the Times said.
The State Council - China's cabinet, of which Wen is nominally the head - did not immediately respond to Reuters' requests for comment.
'Ulterior motives'
When asked about the Times story, Foreign Ministry spokesman Hong Lei told journalists Friday that "relevant press reports are steering China's image driven by ulterior motives."
China Daily via Reuters, file
Chinese Premier Wen Jiabao shakes hands with workers following an earthquake in Sichuan province in this photo taken on January 25, 2009.
The private lives of Chinese leaders as well as their assets are kept under wraps, with personal details considered state secrets.
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Still, cases against lower-level officials, often exposed by Chinese media, and reports on senior officials by western and Hong Kong news organizations, underscore the extent to which those with power profit from their standing.
Occasionally, top officials are caught and prosecuted.
In the biggest political scandal in China in decades, now-disgraced senior party leader Bo Xilai, whose wife was convicted of corruption and murder in August, has been expelled from the party and stands accused of corruption, bribery and sexual promiscuity.
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Bo was expelled from China's parliament on Friday and is expected to stand trial in the near future.
The extended family of Xi Jinping, China's current vice president who is expected to be named head of China's Communist Party next month and president of the country in March, has also amassed great wealth, according to an earlier news report.
Xi's relatives have investments in companies with assets of $375 million, and an 18 percent indirect stake in a company with $1.7 billion in assets, Bloomberg news reported in June.
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Bloomberg's website has been blocked in China since that report was published, underscoring the sensitivity of the Party and government towards such revelations about top leaders.
In the case of Wen and his relatives, the names of family members "have been hidden behind layers of partnerships and investment vehicles involving friends, work colleagues and business partners," the New York Times said.
AFP - Getty Images
A click-through history of modern relations between the United States and China.
It said Wen's family's holdings include a villa development project in Beijing, a tire factory in northern China, a company involved in building some of the venues for Beijing's 2008 Olympics including the "Bird's Nest" main stadium, and Ping An Insurance, one of the world's largest financial services companies.
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Wen's younger brother has a company that was awarded more than $30 million in government contracts and subsidies for waste water treatment and medical waste disposal in some of China's biggest cities, and controls $200 million in assets in a number of companies, the Times said, basing its estimate on government records.
The Chinese public has a fondness for Wen, who is often referred to as "Grandpa Wen" in the media, for his common touch with ordinary Chinese, and his penchant for rushing to console victims of disasters, such as earthquakes and major accidents.
NBC News' Ed Flanagan and Reuters contributed to this report.
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Leave a Comment:
Face it though.. these characters have nothing on ex Italian PM's Silvio Berlusconi's $5.9 billion in ill-gotten gains. He's still in a league of his own, but at least the Italian courts have finally sent him to jail now. I think he gets to keep the $5.9 though.
It is time for America to REJECT Made in China. We want a strong economy BUY AMERICAN!
that's what obama is pushing for '' as we speak '' !!!!!!
I know what he's pushing and it ain't Buy American.....
China. Whadda country. Maybe communistic, but the bucks ain't hard to take. Where in a few places the Cuban stogies are lit, and French cognac flows.
why did you think people go into politics ? in any country ? did you really think they have this golden heart of public servanthood burning in their chests? no sir, they are all in there because to them it's easier to fool a bunch of people to get into power, since they're too lazy to run a business of their own (which because of their corrupt and instant gratification nature is doomed to fail anyway). When they get into power, it's harvest time.... what makes you think any differently??
remember next time you vote, you're voting for who you're willing to allow to rob you, nothing short of that.
It has been noted that the Obamas spent 1.4 billion (tax dollars) in 2011 alone.
so he only believes in Socialism up to a point. GO FIGURE!!!
Socialism says it is for the people, but notice not for the Socialist himself
LMFAO- I thought you were describing OUR politicians and CEOs.............
What rock have you been hiding under for the last 100 years?
China is a one party oligarchy with a capitalist economy and more then its share of corruption. Just because the ruling party calls themselves the Communist Party doesn't change what happens in their economy which is clearly not communist.
Kind of like america huh reality ? amerika is a one party oligarchy owned by the elite scum of the earth. All they do is stir the pot every four years and get idiots to think there is a two party system in amerika. republican thugs and democrat thugs are one in the same. No wonder dems/repubs have the same sponsors, goldman sachs, the scum at wells fargo, etc....
It will be much too late before stupid amerikans wake up to this fact and say, HEY, how about a 2nd party to go up against the dem/repub party.
...
Now if the NYT would only do an expose' on the repug 1% ers in Washington we could assure the reelection of the president.
.
Obama / Biden in 2012.
...
Really, that leftist rag....how about some honest reporting on the left, God knows you kool-aid drinkers are stoned with Obama.
lol
whats the hubbub
use your heads , oil tycoons make the china pres look like hes collecting candy compared to big oil idiots
yeesh what a dumb thing to worry about lol, want to worry worry on why we let the oil tycoons desroy our economy, ecology, and make trillions in profits??? this is what you should worry about
so sad
lately there seams to be a lack of intelligence in peeps
sadsadsad
At least pointing fingers at others can never be outsourced...
The Communist Soviet Union bit the dust because of corruption. Why should we expect anything less from the Communist Chinese. The Chinese may possess the title of "oldest civilization" but they still are the very flower of civilization -- experts in lying, cheating, two-timing, cold-hearted, cynical, home-wrecking loserdom. Can't trust any government on the planet.
Have you been living under a rock blamee ? amerika is about to bite the dust thanks to the bankster scum bernanke and his comrades. amerika is about to bite the dust because of corruption too, so wake up.
alex. You should seriously READ the posts BEFORE commenting on them. I said "Can't trust any government on the planet."
check are leaders and see what there relitives got rich on the deals would make your head spin
Wow. Almost worth as much as db Romney!
dirtbag romney is right. that lying, thieving dirtbag is not presidential material. like most scumbag mormons, he is as low as a snakes belly.
Corruption is at all level in any communist country. China is not the only one. I am not surprised at all. Only the people blindly follow their leaders are suffering. Isn't it the goal is to make the "people" equally poor so the leaders can be rich?
Socialism says it is for the people, but notice not for the Socialist himself
This just shows that it does not matter what kind of government you have....at the end of the day, all politicians become corrupt in one way or another. This is the reason why we should have term limits for Congress here.
Roger that!!!
Wow, since they are communist that must mean that all the Chinese people are worth $2.7B. I wish I were Chinese.
I know you aren't Asian, but you should check your math...
No matter what the political/economic system is, the benefits are always steered predominantly towards those with power, both legislative (they set the rules) and financial (they have the dough.) This will not change until people get a clue and stop caring about things like celebrity sex tapes, worthless reality tv show "stars" and see through political jedi mind tricks brought to you by people like Frank Luntz and his left leaning rivals. Knowledge is power and ignorance is the iron gate that locks you inside the prison constructed by those with the most to gain.
This is an example of why China & Vietnam still hang on to communism. Under the name of communist party, the leaders are close to invincible, there are no other party to fight its wrongdoing, anyone whose braved enough to say something against it would be silenced & prosecuted. The only people allowed to make good money are the party members. The old communism which executed the people whose had mass fortune back in the 50s or 60s is gone, the communist party now only has a name left & their leaders just use it to control the rest of the country & to retain their fortune. Down with China communist, down with Vietnam communist.
First. I think the NYT should look at the U.S. politicians and companies before trying to attack another country. We are just as corrupt as anyone else and if you disagree, then your living a dream world!
If the NYT can find that much out on China, then let it rain on the U.S. Expose all! The hidden bank accounts, who doesn't pay taxes, who pays to get laws passed or stopped. You can do it, but you won't because your on the bank role too.
Second. China has problems like everyone else and maybe this is the way the U.S. slowly attacks them by exposing their flaws to the world and to their people.
Why are we so affraid of them?
This is what the U.S. should do and why they don't, I don't know.
1. Give companies bigger tax breaks and bring the jobs and headquarters back to the U.S. If a company still wants to do business in China and ship to the U.S., then you get taxed HEAVY!
2. I'm tired of buying stuff that last 2 years because it or it's components were made in China. I wan't quality for my money. I remember my parents having the same appliances for 15 to 20 years before they broke. Hell, we are lucky to get 5 years out of something now.
3. We need to control the quality of product and what goes in it. China is still trying to ship stuff here with high levels of lead and food ingredients that kill our pets. Next time it won't be our pets, it will be us!
4. China is slowly trying to kill us with their crap products! They have no regulations and if they do, they are currupt too. They are having structural issues with some of the building that were built for the Olympics. Imagine if something would have happened during the Olympics?
5. It's time to start taking our jobs and country back. Remember to vote for that person who will make a difference. Not the one you see on TV or in newspapers day in and day out. Don't follow the majority. Be your own person! If we don't change these politcians in office, nothing will change.
Just think of all the money being spent across this country on campaign adds. You know where this money is coming from. Corporate America who have special interest. Just think what we could do with that money? Just shows you how big the political game is and what is at stake for the parties involved.
Maybe China needs to report on the new Benghazi evidence! The socialist obama loving media won't.
Impeach obama. This new information is hard to take! Can't beleive a human being would stoop so low!
The mainstream media has deserted us, sort of like how obama deserted 4 Americans.
...I find it strange that there is not a single article on MSNBC website about recent Libya activities...did I miss? if so can someone tell me where to find...
The Chinese Communists see a story they don't like, and they block it from their internet. NBC sees a story they don't like,..and NBC just ignores it to death,..like the Benghazi Embassy story.
Four Americans were ignored to death by the president of the U.S., and NBC doesn't think that's a big deal? In comparison, China's blocking of internet access isn't even worth mentioning, now is it?
Get a life Burt, maybe Ernie cares about your opinion. We are all saddened by the death of good Americans, but they were in harm's way. If we would stop being the world's policemen, it would happen less. I couldn't care less if the ragheads kill each other off.
Same with robme romney. That lying dirtbag has stolen, oops, I mean amassed billions too. What a creep, and idiots are dumb enough to vote for the fool. This election nobody wins. Its the mormon freak versus odumbo. And to think americans had a sane choice in Ron Paul. But one thing you can count on, is the total ignorance of americans. If I could buy stock in american ignorance, I would amass billions overnight.
Good point Alex. We need a "none of the above" on the ballot. Ron Paul never had a chance - the powerful corporate scum (aka Romney) could not figure out how to control him, and his tax policies would tax everyone equally. The rich can't have that.
I don't understand why the NY Times is checking the wealth of Chinese Politicians, why don't they check our so called honest upstanding politicians on every level in the USA.
Just wondering how much money can be siphoned of, by being a Governor after investing 105 million dollars of their own money for election purpose.
Ah, a fellow Floridian. You are refferring to Rick (aka Skeletor) Scott.
How the heck did Texas governor Rick Perry become a millionaire when he has never held a job outside the government?
Well, it works like this...a "friend" sells you some real estate at a REALLY great price. Then, another "friend" buys it from you at an even BETTER price.
Interesting! Are you aware that was one of the schemes used by former (conservative) Congressman Randy Cunningham to launder bribes and the one that finally landed him in jail?