How Has Biden’s Stance on China Changed while His Family Businesses Developed
Hello, everyone! Welcome to “Inconvenient Truths”. I am your host Jennifer Zeng.
Recently, surrounding the content of a laptop computer belonging to Hunter Biden, son of US presidential candidate Joe Biden, a lot of fierce battles have been going on among “information”, “misinformation”, exposure of facts, and suppression, blocking and deleting of information. Some people say that the stakes in this US election are high, as the result will not only decide the fate of the US, but also the future of the world. But today I won’t talk about Hunter Biden’s controversial laptop. The facts I am going to present about “Biden’s China Evolution” are all based on previous public information or media reports. I will also tell everyone a true story I learned from former Chinese diplomat Chen Yonglin who defected to Australia in 2005, about how the CCP used an underage girl to corrupt an Australian politician. So make sure you stick around till the end.
A Hawkish Figure on CCP
Joe Biden's interest in China began more than 40 years ago when he first entered American politics, and in 1979, while serving as a U.S. Senator, Biden made his first trip to China and met with the then CCP leader Deng Xiaoping.
In 1997, Biden joined the U.S. Senate Foreign Relations Committee where he was involved in shaping U.S. foreign policy and where he served as Chairman in 2001.
Having long diplomatic experience has become one of Biden's main political advantages. In the early days of his presidency of the Senate Foreign Relations Committee, Biden was considered a hawkish figure with a hardline attitude toward the CCP.
According to the record of the U.S. Congress, in 1991, during a Congressional discussion of China's Most-Favored-Nation (MFN) status, Senator Biden strongly opposed the then President Bush’s intention to extend China's MFN status, stating that "...if China continues to behave as a rogue elephant on weapons proliferation, we should be prepared to retaliate with a clear and unequivocal message...denying China most-favored-nation trade status."
Ten years later, as the newly appointed chairman of the Senate Foreign Affairs Committee, Biden traveled to China in August 2001 and met with the then CCP leader Jiang Zemin.
According to a BBC report, before arriving in China, Biden said he would press China on a range of issues, including human rights, China's threat to Taiwan, and preventing missile proliferation.
Changed Stance
Since then, however, Biden, as a key figure in U.S. foreign policy, has gradually changed his attitude toward the CCP.
According to a New York Times report, Biden expressed his interest in helping the CCP to enter the World Trade Organization during that trip when he met Jiang Zemin. He said to Jiang, “The United States welcomes the emergence of a prosperous, integrated China on the global stage, because we expect this is going to be a China that plays by the rules.”
In November 2001, China finally succeeded in joining the WTO. The U.S. Congress approved it, and Biden, as the chairman of the Senate Foreign Affairs Committee, did not oppose it.
In 2007, Biden was re-elected Chairman of the Senate Foreign Affairs Committee, rising to the top of American politics.
A Start-up
Since then, his son, Hunter Biden, and his friends in the same circle also started entering the international business community.
In 2008, shortly after Biden was chosen by Obama as his vice presidential candidate, Hunter Biden co-founded the consulting firm Seneca Global Advisors with Christopher Heinz, the stepson of John Kerry, who later became U.S. Secretary of State.
In 2009, Hunter Biden, Christopher Heinz, and John Kerry’s advisor Devon Archer, co-founded the investment firm Rosemont Seneca. Seneca Global and Rosemont Seneca later played an important role in the Biden family’s business deals with the CCP.
A Broker
At the same time, the rapid development of economic and trade relations between the US and China, especially the corrupt system of the CCP, has provided tremendous business opportunities for power brokers who trade money and power. One of the closest ties to the Biden family is Taiwanese businessman Michael Lin, who founded a “Financial Services” company Thornton Group with James Bulger, son of former President of the Massachusetts Senate William Bulger. Ever since its inception, the Thornton Group has been closely associated with the State Legislative Leaders Foundation (SLLF), a politically influential organization in the U.S.
In July 2008, Michael Lin's Thornton Group set up SoleburyThornton (Beijing) Consulting Co., Ltd in Beijing, with James Bulger as the legal representative.
In January 2009, Joe Biden became the Vice President of the US and John Kerry became the Chairman of the Senate Foreign Affairs Committee. In the same year, Michael Lin was appointed by the State Legislative Leaders Foundation as the Asia/China Director, responsible for liaising with Chinese officials.
In November 2009, Michael Lin and the Thornton Group hosted the first U.S.-China Provincial/State Legislative Leadership Forum in Beijing. It became very obvious that Michale Lin was working very closely with the CCP’s United Front Department, as the sponsors of the forum were the CCP's top United Front organizations, such as the Chinese People's Institute of Foreign Affairs, Chinese People's Association for Friendship with Foreign Countries, National People's Congress Foreign Affairs Committee, etc.
According to Thornton's website, which is now closed, in April 2010, Michael Lin introduced Hunter Biden to various Chinese financial institutions, saying that Hunter's purpose was to "deepen mutual understanding and explore the possibility of business cooperation.
Only a few days later, Joe Biden met with visiting Chinese President Hu Jintao in Washington.
A Stark Contrast
On August 17, 2011, Joe Biden visited China again. During this trip, he significantly softened his stance on the CCP.
In a meeting with then-Chinese Vice President Xi Jinping, Biden said that the U.S. side fully understands that the Taiwan and Tibet issues are China's core interests, the U.S. will continue to resolutely pursue the one-China policy, the U.S. does not support "Taiwan's independence", and the U.S. fully recognizes that Tibet is an inalienable part of the People's Republic of China, etc.
According to U.S. government records, Joe Biden no longer directly criticized the CCP's poor record on weapons proliferation and human rights during the trip.
Instead, he advocated vigorously about developing a close relationship with the CCP, in stark contrast to his hard-line approach a decade ago and earlier.
The Largest Foreign Venture Capital Investment
Then, in February 2012, while Xi Jinping was visiting the US and meeting with Joe Biden, Hunter Biden's Seneca Consulting pulled in a $1.25 billion investment from China for Great Point, a U.S. energy start-up. This was the largest foreign venture capital investment the US received that year.
The 1.25 billion investment was from Wanxiang Group in China, which has very deep ties with the CCP, although it was said to be a private company. Its founder Lu Guanqiu had always been the CCP’s party secretary of the Wanxiang Group and had accompanied the CCP leaders on many visits to the US, including two trips with Xi Jinping.
BHR Partners and “Dry Shares”
In December 2013, then-U.S. Vice President Joe Biden visited China to meet with Xi Jinping. His son Hunter Biden accompanied him on the trip.
10 days after this trip, Hunter Biden closed the Biden family's second big deal with the CCP - a $1 billion investment fund.
On December 16, 2013, BHR Partners was established by the Bohai Industrial Fund, Harvest Fund Management, Rosemont Seneca Partners, and the Thornton Group. 6 months later, the CCP raised the size of the BHR funding to $1.5 billion, and Hunter Biden was one of nine directors of BHR with a 10% stake.
Shareholders of BHR Partners included China’s famous state-owned big, national financial institutions and enterprises, such as Bank of China, China’s National Social Security Fund, China Development Bank, Tianjin TEDA, etc.
Now, let’s take a look at the shareholding structure of BHR Partners.
Hunter Biden owned a 10% stake. Bank of China, Postal Savings Bank of China, China Development Bank, and a pension fund, these four major Chinese big financial institutions held 30% of the shares, Harvest Fund Management, one of the four major funds in China, held 30%, and three other companies belonged to high ranking CCP officials each held 10%.
From this structure, we can see that only the two big shareholders that held 30% of BHR Partners were using real money to invest in the company, while the other four shareholders including Hunter Biden were given free, “dry shares”.
“Dry share”, or 乾股 (Gan Gu) in Chinese, is a special term in China. I am not sure whether there is such a thing in western countries. I searched for it, but didn’t find any results.
So “dry share” is the literal translation of 乾股. It refers to shares that are given for free. For example, if you have some kind of “intangible asset”, such as your connections, your patents, your intellectual property rights, your celebrity status, etc, they can be turned into “dry shares”, and you don’t need to invest real money in a company, but still own part of it.
In Hunter Biden’s case, it seems that his “intangible asset” is his connection to his powerful father Joe Biden.
Starting from 2014, BHR Partners had been acquiring companies across the Americas, Africa, and Australia, in industries ranging from military manufacturing to metals mining, to intelligence technology.
As of 2016, BHR Partners has completed the delivery of a number of major projects with market influence, with an asset management scale of over 12 billion yuan, or 1.8 billion US Dollars.
We must mention that Hunter Biden paid $420,000 in 2017 for this 10% stake in 2017. Paying a mere $420,000 to own 10% of a fund of 1.8 billion was like getting it for nothing.
“I Want China to Succeed”
According to U.S. government records, Biden further softened his stance on the CCP during his trip in 2013.
In Oct. 2014, when giving a lecture at Harvard Kennedy School, Joe Biden said, “I don’t know how long I’ve been hearing about how China is eating America’s lunch. ” “I want China to succeed, it’s in our interest they succeed economically.”
He also said, “Managing our relationship with China is the single most essential part of the strategy at which we must succeed. Even as we acknowledge that we will often be in competition, we seek deeper cooperation with China, not conflict.
“Nowhere is it written that there must be conflict between the United States and China. “There are no obvious, obvious impediments to building that relationship.”
From this, we can see that Joe Biden’s attitude toward the CCP had changed completely compared to 13 years ago.
The “Big Guy” and CEFC China Energy
In 2017, Hunter Biden had some other business adventures with CEFC China Energy. You may or may not have read all the relevant reports from the New York Post, Fox News, Wall Street Journal, and Daily Mail, etc. So to cut a long story short, it is like this: Hunter Biden was offered $10 million annually “for introductions alone”, and 20% of the shares of a new company, while “the big guy” could have 10%.
Tony Bobulinski, former business associate of Hunter Biden, made an explosive video statement on Oct 22, and confirmed that the “big guy” was Joe Biden, and that Joe Biden was “a willing and eager participant” in this “family scheme”.
Tony Bobulinski: On May 2 2017, the night before Joe Biden was to appear at the Milken conference, I was introduced to Joe Biden by Jim Biden and Hunter Biden.
At my approximately hour-long meeting with Joe that night, we discussed the Bidens history, the Biden family‘s business plans with the Chinese, with which he was plainly familiar, at least in a high level.
Tony Bobulinski: On numerous occasions, it was made clear to me that Joe Biden's involvement was not to be mentioned in writing, but only face to face.
In fact, I was advised by Gilliar and Walker, that Hunter and Jim Biden were paranoid about keeping Joe Biden's involvement secret.
I also had a disagreement with Hunter about the funds CEFC was contributing to the SinoHawk.
Hunter wanted 5 million of those funds to go to himself and his family. So he wanted the funds wired directly to an entity affiliated with him.
I objected because that was contrary to our written agreements concerning SinoHawk.
He said, referring to the chairman, his father, that CEFC was really investing in the Biden family that he held the trump card and that he was the one putting his family legacy on the line.
He also said to me on May 17, 2017, that CEFC wanted to be "my partner", to be partnered with the Bidens.
I won’t go into any more details with this as everyone can do a search and find the reports I just mentioned. But don’t search them on Twitter or Facebook, as these platforms have been blocking or suppressing them since the news came out last week.
A Ture Story: An Australian Politician’s Sex Video
Next, as promised, I will talk about a true story I learned from Chen Yonglin, a former CCP diplomat. I won’t say why I share this seemingly “unrelated” story here. But I am sure you will work out after you listen to it.
Chen Yonglin had experienced a very difficult time after he defected to Australia in 2005. The CCP threatened to assassinate him, and was said to have sent a 3 person task force to do the job. But the Australian government didn’t offer him protection immediately. He struggled very hard to find a safe place to stay, and trusted people who could help him during that difficult time.
I was introduced to him by a friend, and won his trust quickly. So I volunteered my time and acted as his media contact person, and accompanied him everywhere when he gave interviews to the media. A New York Times report in 2005 mentioned that I was with him during that interview with the New York Times. That interview was done in a hotel room in Sydney, I still remember it well.
So the following story was from Chen Yonglin himself. He told me a lot of inside stories about the CCP at that time.
There was a politician in Australia, who became the first ethnic Chinese member in the Upper House of the NSW Parliament. When he visited China, the CCP introduced a lovely young girl to him. He had sex with that girl in the hotel. He didn’t know that everything was secretly recorded. When the CCP showed him the video and told him that the girl was an underage girl, not an adult yet, he was nearly scared to death, as having sex with an underage girl is a criminal offense in Australia. From then on this politician would do whatever the CCP asked him to do.
By the way, Chen Yonglin became a CCP diplomat in 1991 when he joined the Ministry of Foreign Affairs of China, and had worked at the Chinese Consulate in Sydney as the political consul for 4 years before he defected in 2005. He had told Australia that there were about 1000 CCP spies in Australia alone shortly after his defection.
OK, that’s all for today. Thanks for watching. I hope today’s program gave you a lot of food for thought. Please subscribe to and share my channel, and check out my other videos you may have missed.
Thank you. See you next time!
10/24/2020
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