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Xi seeks to defang party elders with corporate probe

Billionaires use party connections for overseas acquisition spree

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Chinese political leaders maintain strong influence after their retirement.   © Reuters

BEIJING -- As China heads into the most politically sensitive period of the year, the time when incumbent and retired Communist Party leaders gather in the seaside resort of Beidaihe, it is becoming clearer that the recent crack down on five domestic companies is an effort to reduce the clout of party elders prior to the annual summer event.

This year's Beidaihe gathering is especially important as it seeks consensus on major decisions for the 19th National Congress of the Communist Party of China. The central topic is to decide who to promote to the top leadership.

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