Monitor | Reform is impossible when the reformers are losing so much
Xi, Wen and Dai fail to make much progress in economic liberalisation since it's their families who benefit most from the existing system
China's incoming President Xi Jinping, outgoing premier Wen Jiabao and former central bank governor Dai Xianglong have a couple of things in common.
Over the past few months, all three have been embarrassed by articles in the international media detailing the vast fortunes amassed by family members during their periods in high office.
The extent of Xi's family business interests were exposed last summer in a 4,000-word investigation published by Bloomberg.
From rare-earth minerals and energy investments, through telecommunications and power equipment, to infrastructure construction and property development, Bloomberg detailed a multibillion-yuan business empire built up by Xi's siblings, his in-laws and their children.
Then in October, The New York Times examined the holdings of Wen's family members, concluding that close relations of the premier had accumulated assets worth up to 17 billion yuan (HK$21.13 billion) in businesses ranging from gem trading through private equity to insurance.
And earlier this week, the Times published an article alleging that relatives of central bank governor and chief financial regulator Dai had made a fortune buying millions of shares in state-controlled life insurer Ping An ahead of its 2004 flotation at a deep discount to their issue price.