'Nobody believes the growth numbers' – Desmond Shum on how Xi Jinping destroyed the Chinese economy

In the early 2000s, Desmond Shum and his wife, Whitney Duan, were among the richest people in China, with fingers in various real estate, infrastructure and hospitality projects. They also had some of China’s most powerful people on speed dial – including the family of then-premier Wen Jiabao. But that all changed in 2017 when Whitney was disappeared by the Chinese state. Desmond now lives in the UK where he published a memoir in 2021, Red Roulette, and is now an analyst and commentator on Chinese politics.

On this interview for the Chinese Whispers podcast, Cindy Yu and Desmond Shum discuss why he thinks Whitney was the victim of a power struggle involving Xi Jinping, the reality of politics and corruption in the China of the 2000s, and how Xi has destroyed the economic trajectory of the once-booming People’s Republic.

** On October 19, Cindy Yu and a panel of special guests will be recording a live Chinese Whispers at London's Battle of Ideas festival, talking the latest on China’s economic slowdown and asking – what are the social and political implications? Is China in decline?

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[williamb]

Ah the chinese bots are well and truly alive on this video 😂 they're not even subtle anymore

[stephenh]

Fascinating interview. I particularly enjoyed Desmond's observation that a Gweilo "could never have found out secret financial information, in China"

[DonRua]

It's widely acknowledged that metrics and information released by the CCP are often questionable, and this interview confirms that. Regardless of the reasons, I commend Mr. Shum for stepping forward. It takes real courage to challenge such a powerful entity. I'm surprised his story hasn't gained more mainstream attention. As he said, "This is history, " and it should be easily accessible to anyone who wants to know. I wish Mr. Shum all the best.

PS: now, is this gonna get me in trouble under article 23 and the new global security law? lol

[cooper]

Got to look at the overall outcome to address corruption that was widespread in China those days.
Corruption had always brought down many Chinese dynasties including the last Qing dynasty. It’s always very grey on Chinese corruption because wealth is often hidden and though relationships.

[reneprovosty]

do not confuse yourself, you cannot reward innovation if you do not allow the winners to retain their own wealth. Then smart people will leave.

[tengchuankhoo]

The Brits have a long and, rightly so, great history of story telling - from Shakespeare to Hardy and Tolkien. However selective listening and spinning can often end badly. So one question - if China economic numbers are so bad, why is it so dominant in commodity markets, EV, solar, heavy equipment, etc.

[kalloh]

please have this guest on more often, finally the truth behind the veil of the ccp

[DanielvanderKlooster-gvmj]

Question: Could this economic decline under Xi Jingping have something to do with the very fast military buildup in order to modernize and improve the PLC?

[gemox]

I'm interested in reading his book. I spent 9 years in Mainland China myself, as a teacher.

[amunra]

Oh did you guys get your check from the US State Department?

[tupaiking]

Really got to turn on the subtitles when hearing this Mainlander speaks 🤦.

[ZhenYae]

Ok. The global majority does not buy into Western BS.

[denisdufresne]

Please divide your video in different subjects, this way we could watch the subject we like instead of wasting our time on non interesting subject and make us leave your video.

[Hdksbdidn]

This guy is nothing but a opportunist, there’s no such thing as loyalty in his dictionary

[stevetaylor]

Julian Assange... Disappeared by the west

[zhpprojmang]

Not sure about facts. Vague on wedding, vague 10 or 15 years of business. Just saying

[chrisohanlon]

What about Sam Melia, was disappeared by the UK regime?

[TarulWarlord]

Was "disappeared"?

What kind of English is that? Can you or anyone pass their English language test using such pharases?

[bukitbatok]

The more he talks, the more he looks like pinnocio.

[gemox]

Btw, you can't say "someone was disappeared" in English. It's a corruption of the English language.