Keeping Up With the Purges
China’s Disappearing Billionaires

Another billionaire has gone missing in China, the second in the past few weeks. Zhou Chengjian, the head of the Chinese fashion chain Metersbonwe, disappeared yesterday, the BBC reports:

A company statement said it could reach neither the chairman nor his secretary. Metersbonwe also halted trading of its shares “to protect investors’ interests”.

His disappearance comes only weeks after Guo Guangchang, chairman of private sector conglomerate Fosun, temporarily went missing […]

Chinese media reports on links between the disappearance of businessmen and the authorities sweeping anti-corruption campaign remain unconfirmed.

Assuming Beijing does have something to do with them (likely a safe assumption), these disappearances mark an emerging trend in President Xi Jinping’s anti-corruption drive: more attention on China’s private sector. Even in a weak economy, Xi appears to be moving full steam ahead with the potentially destabilizing purges.

Features Icon
show comments
© The American Interest LLC 2005-2017 About Us Masthead Submissions Advertise Customer Service