![]() ![]() "Untangling their financial holdings provides an unusually detailed look at how politically connected people have profited from being at the intersection of government and business as state influence and private wealth converge in China's fast-growing economy," he wrote. I later found even more." Untangling financial holdingsīarboza discovered that in many cases relatives' names had been hidden behind layers of partnerships and investment vehicles involving friends, work colleagues and business partners. Eventually, we documented about $2.7 billion. I soon found that the family's wealth could be in the hundreds of millions of dollars. "I could hardly believe that within months of searching through government records and corporate filings of listed companies that there were indications the family might have a huge stake in Ping An, one of China's biggest insurance companies. But then I found records related to the family of Wen Jiabao," he says. "I initially intended to look at the sons and daughters of Politburo members and write a little about their business deals. "And it was during the research on that piece that I began to discover that in China I could get access to corporate records, records of private companies, and records that listed current and former shareholders. In 2011, he began work on a series about what had been dubbed "state capitalism" with an envisioned final article about princelings. I knew they were major players in the business world and I figured this was a subject that was too important not to write about." "But I also wanted to explore the role of the so-called ‘princelings' - the sons and daughters of the political elites. ![]() "I came up with an idea in 2010 to write about the government's role in business, mostly about how state-owned companies operate in China," Barboza says. "A review of corporate and regulatory records indicates that the prime minister's relatives - some of whom, including his wife, have a knack for aggressive deal making - have controlled assets worth at least $2.7 billion," Barboza wrote.īarboza recently told Fraud Magazine that he discovered the hidden billions of the relatives of China's ruling class through a circuitous reporting route. 25, 2012, article,īillions in Hidden Riches for Family of Chinese Leader. "Many relatives of Wen Jiabao, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows," wrote Barboza in his Oct. He has twice won the Gerald Loeb Award for business reporting.īarboza graduated from Boston University with a bachelor’s degree in history and attended Yale University Graduate School. In 2008, Barboza won The Times’ internal business award, the Nathaniel Nash Award. In 2002, he was part of a team that was named a finalist for a Pulitzer Prize for coverage of the Enron scandal. He was also part of the team that won the 2008 Grantham Prize for environmental reporting for the seriesĬhoking on Growth: China’s Environmental Crisis. In addition to his receiving his Pulitzer Prize for International Reporting and another Pulitzer for Explanatory Reporting as a member of a New York Times team, Barboza won two awards in The Society of American Business Editors and Writers 2007 Best in Business Journalism Contest: one for a New York Times article,Ī Chinese Reformer Betrays His Cause, and Pays. He had served as the paper’s Shanghai bureau chief since 2008. For five years, he was the Midwest business correspondent based in Chicago. in November 2015.īarboza was a freelance writer and a research assistant for The New York Times before being hired in 1997 as a staff writer. ![]() David Barboza had been a correspondent for The New York Times based in Shanghai, China, since November 2004 until his move back to the U.S.
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