China’s government-run Global Times newspaper cited reporting by New York Times bestselling author and Breitbart News Senior Contributor Peter Schweizer on Saturday to argue Beijing sanctions imposed on Speaker of the House Nancy Pelosi (D-CA) will have a substantial impact on her personal wealth.
The Chinese Communist Party announced sanctions on Pelosi, military exercises in the South China Sea, and the cessation of talks on climate change, narcotics, and other peripheral issues with America last week in response to the House Speaker and a small delegation of American lawmakers visiting the nation of Taiwan last week. Pelosi spent 19 hours in the U.S.-allied country, meeting with President Tsai Ing-wen and top lawmakers.
Taiwan’s national government operates as a sovereign entity and the island has never in its history been governed by a regime headquartered in Beijing. Despite this, the Communist Party insists that Taiwan is a “province” of China as Tsai and her government are “separatist” criminals. China forces any country seeking diplomatic ties with it to deny the existence of a Taiwanese state. America complies with this demand; Pelosi specifically emphasized in multiple statements last week that she agrees with the “status quo,” meaning she personally does not acknowledge Taiwan’s statehood.
In an article announcing that once-sovereign Hong Kong would comply with sanctions against Pelosi, the Global Times cited Breitbart News reporting on Pelosi’s family investments in China to argue that limiting her access to the Chinese market would cause financial harm to her family.
“Despite a long-time tough political stance on China, Pelosi and her family reportedly have been benefiting from investments in companies with close ties with China,” the Global Times reported.
“Pelosi’s family has had millions of dollars on the line when it comes to China, US writer Peter Schweizer revealed in his book, Breitbart reported, and Pelosi’s husband was also involved with multiple limousine services, including one that catered to the 2008 summer Olympics in Beijing, the report noted.”
“Pelosi’s son, Paul Pelosi Jr, also sought business opportunities in China via two companies, International Media Acquisition Corp and Global Tech Industries Group, according to the report,” the Times cited.
The Global Times concluded that, given these reports, sanctioning Pelosi’s family out of the Chinese market would cause “substantial economic loss” for her.
The Times is the top Chinese government English-language propaganda newspaper and hosts some of the most belligerent of the Communist Party’s material. The publication has made particularly violent statements regarding Pelosi’s Taiwan visit. Prior to her arrival in Taipei, commentator and former editor-in-chief of the Global Times Hu Xijin proposed China should either abduct Pelosi or shoot her plane out of the sky if she attempted the voyage. The Communist Party opted not to heed Hu’s advice.
House Speaker Nancy Pelosi (D-CA) landed in Taipei, Taiwan, late Tuesday evening local time. https://t.co/m3Ynb4grtj
— Breitbart News (@BreitbartNews) August 2, 2022
While the Global Times did not specify, the revelations mentioned regarding Pelosi’s husband, Paul, and their son Paul, Jr., first appeared in Schweizer’s blockbuster book Red Handed: How American Elites Get Rich Helping China Win, published this year.
Schweizer – observing that Pelosi once had one of Congress’s most aggressive stances against the Chinese Communist Party and protested in Tiananmen Square, site of one of the Party’s largest known mass killings – reported that Pelosi appeared to mute her criticisms of the regime as Paul Pelosi invested in and engaged with the Chinese economy. Among some of the most lucrative moves Paul Pelosi made with Chinese market engagements was join Matthews International Capital Management, which Red-Handed describes as “a pioneer in the Chinese investment market.”
“In addition to Paul serving on the board, the Pelosis had a big chunk of money invested in Matthews,” Schweizer wrote in his book. “In 2010, the Pelosis held between $5 million and $25 million in a Matthews fund ‘specializing in Asian investment.’ Paul Pelosi received partnership income between $100,000 and $1 million.”
Paul Pelosi also invested in a limousine venture, Global Ambassador Concierge, with major business in the 2008 Beijing Summer Olympic Games. Paul Pelosi’s involvement with Global Ambassador Concierge began almost concurrently with Nancy Pelosi suddenly ceasing her once vocal opposition to China hosting the Olympics given its atrocious human rights record.
“Nancy Pelosi used to be pretty anti-Chinese Communist Party early in her career, and then her husband and son started seeking deals in Beijing,” Schweizer explained in an interview in January with Fox News. “And it’s interesting, you’ll remember the last time China held the Olympics in 2008, Nancy Pelosi was in favor of a boycott. And then, lo and behold, her husband was partner in a couple of limousine companies that got major contracts in China to ferry VIPs around the Olympics, and Nancy Pelosi suddenly went from boycotting the Olympics to saying that she was opposed to a boycott for the Olympics.”
The Global Times, in emphasizing that sanctions on Pelosi may have an actual impact on their target, failed to note that they may be in stark contrast to sanctions on other members of Congress for their condemnation of the Communist Party. Beijing sanctions have largely been met with laughter or brandished as a badge of honor in Congress.
“Chinese Communism is the most dangerous threat to freedom in the world, and I will never back down from fighting it,” Sen. Tom Cotton (R-AR) said in 2020 after Beijing similarly imposed sanctions on him. “If China thinks my opposition to its communist tyranny to date warrants these sanctions, I have two words for them: just wait.”
“China announces it is sanctioning me in retaliation for speaking out against the Chinese Communist Party and defending America’s interests. Retaliate all you want. I’m not backing down,” Sen. Josh Hawley (R-MO), also included in that round of sanctions, responded at the time.
Sen. Marco Rubio (R-FL) simply joked, “I don’t want to be paranoid, but I am starting to think they don’t like me.”