Switzerland has recently announced to freeze the assets of the Russian government and oligarchs in Swiss banks as a sanctioned act against the Russian attack on Ukraine.
Li Zhengkuan, a writer who covers China’s affairs, said that Switzerland’s move could make the Beijing government tremble with fear. Switzerland could react the same way to Beijing if China invades Taiwan.
According to Reuters, the Swiss Banking Association (SBA) estimated that the banks hold 150 billion to 200 billion Swiss francs (213 billion dollars) of Russian client funds in offshore accounts. However, the assets of Chinese billionaires, particularly senior Chinese officials in Switzerland, far exceed Russians’ assets amount.
The UBS and PricewaterhouseCoopers’ annual billionaire report released in 2020 showed that Chinese billionaires had a total wealth of 1,680.9 billion dollars in July 2020.
According to the report, from 2009 to 2020, Mainland China’s billionaire wealth grew more than any other country. In 2009, China’s billionaire wealth was worth 134.9 billion dollars, while in 2020, the wealth reached 1,680.9 billion dollars, more than 12 times higher.
WikiLeaks disclosed a few years ago that senior Chinese officials have about 5,000 accounts in Swiss banks.
Jiang Jiemin is the director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and the former chairman of PetroChina. He confessed that he had used overseas oilfield acquisitions, oilfield equipment procurement, and other projects to transfer benefits to Swiss banks.
He has transferred an amount of more than 10 billion dollars to the family of Zhou Yongkang, a former member of the CCP’s Standing Committee of the Political Bureau through Swiss banks.
Naveen News, citing Hong Kong’s “Open” magazine, reported that the Swiss-based Bank for International Settlements (BIS) discovered a huge amount of unclaimed funds amounting to more than 2 billion dollars as early as December 2002.
Liu Jinbao, is a former vice-chairman of the Bank of China and former president of the Bank of China Hong Kong. He confessed in prison that Jiang Zemin, the CCP’s former General Secretary, transferred this sum of money on the eve of the CCP’s 16th National Congress.