Hun Sen Goes to Beijing to Deliver Black Ledgers! US Financial Decapitation, the Senate Uses a Borrowed Knife to Force the Palace, Xi Jinping's Dirtiest Belt and Road Trump Card Completely Overturned [Jiang Feng Horizon 20260627 Episode 421]

This episode provides a detailed analysis of the political maneuvering and the power struggle between the U.S. and China behind Cambodian Prime Minister Hun Sen's visit to Beijing. Due to the U.S. Department of Justice and the Department of the Treasury implementing financial decapitation against Cambodian cyber-fraud syndicates and money laundering channels, while also mapping out the overseas wealth of high-ranking CCP officials, Xi Jinping was forced to publicly distance himself. At the same time, CCP party elders are leveraging U.S. anti-corruption pressure to conduct personnel purges. From the General Office of the CCP Central Committee and the Ministry of Public Security to local provincial committees and core economic departments, Xi Jinping's loyalist forces are being comprehensively sidelined and liquidated.

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Welcome back to Jiang Feng Perspective, friends. On June 26, 2026, at the Great Hall of the People in Beijing, Xi Jinping squeezed out an extremely unnatural smile before the cameras, reaching out to greet the Cambodian king father Hun Sen, who had traveled from afar, and highly praised Cambodia's determination to crack down on telecommunications fraud. Do not think for a moment that this was just another diplomatic pleasantry; he had to say this praise, and the subtext was simply: Hun Sen, you did a great job, hurry up and wipe away the traces, and for heaven's sake, do not let the fire burn to me. What is he panicking about? Just three days earlier, on June 23, the U.S. Department of Justice acted overnight, raiding the cloud servers of the Huione Group and cutting off its underlying cryptocurrency channels in one stroke—and this was already the second blow dealt by the United States. As early as last October, the U.S. Department of the Treasury issued a financial decapitation order against the Prince Group, Cambodia's largest money-laundering giant, seizing $15 billion worth of Bitcoin under the name of its founder, Chen Zhi. Each blow strikes the financial artery used by the CCP elite in Zhongnanhai to funnel dirty money overseas. What truly keeps Zhongnanhai awake at night is that as long as the U.S. follows the entry point of telecommunications fraud upward, it will discover the bottom cards of the family wealth of the Zhongnanhai elite. On June 24, The Washington Times pointed it out directly: U.S. intelligence agencies have already finished mapping out the overseas wealth of Xi Jinping and the CCP's top leadership, and that report on the wealth and corrupt activities of the CCP leadership is being delivered step by step to the desks on Capitol Hill. This knife, bearing the U.S. seal, has turned into the most convenient tool for party elders to force a palace coup: Act, finish this play in front of the whole world, dismantle your own Southeast Asian ATM with your own hands, and submit a pledge of allegiance to Washington; otherwise, this party cannot be saved. The most glaring words in the press release of Xi Jinping meeting Hun Sen are 'anti-fraud.' Chinese people have been scammed for so many years, and the Cambodian compounds are notorious; it is only natural for both sides to make a statement. But think about it: why say it now? Why wasn't it said by the Ministry of Public Security? Why wasn't it said at a meeting between the two countries' police forces? Why did it have to be Xi Jinping, in the Great Hall of the People, face-to-face with Hun Sen, inserting this statement into a top-level meeting? Because the United States is desperate. American seniors, sitting at home, thinking they had found true love or invested in a guaranteed-profit crypto project, have had their life savings drained away, bit by bit. So, you might ask, why not just track the money down after being scammed? No way! When an American is scammed out of $100,000, the money vanishes minutes after it hits the account. One portion goes into countless other accounts, another into various shell companies, and another is converted into USDT and transferred to money-laundering platforms, turning it into cash, real estate payments, or casino chips. By the time this cycle is complete, that $100,000 is no longer 'illicit funds'; it has become cash flowing in casinos and kickbacks in the pockets of certain protectors. Therefore, the U.S. is now investigating the entire money trail: where the money went from the victim's account, which collection card it hit, which crypto wallet it transferred to, which underground bank helped settle it, and finally, whose house, whose casino, and whose equity it became. If this path is traced to the end and the end is a scammer boss, then arrest the scammer. If it is a Cambodian protector, then strike the protector. But what if it leads further up to China's underground banks, gray capital, or even the overseas money-transfer channels of a powerful family? What then? This is why a matter previously left to the Ministry of Public Security has now been elevated to the highest diplomatic level. It indicates that the U.S. has traced the trail all the way to the final recipient. If Beijing does not step in to cut ties now, the next thing the U.S. will make public is the specific list of recipients and asset figures.

First, let's talk about what the US government has already put on the table. In March 2025, the Office of the Director of National Intelligence publicly released a report titled "The Wealth and Corrupt Activities of the CCP Leadership." This report explicitly states that through relatives such as his elder sister, brother-in-law, and niece, Xi Jinping has accumulated a fortune exceeding $1 billion. Note that this is an official document from US intelligence agencies. But this is just an appetizer; what is truly fatal is that late last year, the US Congress passed a law tucked inside the National Defense Authorization Act, which was signed into effect. It explicitly commands US intelligence agencies to submit a report to Congress before the end of this year, investigating the overseas wealth of every single member of the Politburo household by household: where their properties are, how much real estate they own in Hong Kong and Macau, how many overseas corporate accounts have been opened, and whose names and white gloves (proxy figures) are used, listing them all out. On June 24, The Washington Times directly broke the news that intelligence agencies have already finished their investigations and are sending the report to Capitol Hill. As for the astronomical figures of 10 trillion or 20 trillion US dollars that have been rumored for years in the diaspora—saying the red families are hiding fortunes overseas—it also reflects the judgment that the family fortunes of the CCP's top brass are certainly not small change in the tens or hundreds of millions; they are built brick by brick through decades of converting political power into cash. The US tactics are ruthless: it can investigate and expose family by family—the Xi family, the families of members of the Standing Committee, the red second-generation, red third-generation, children, sons-in-law, nephews, nieces, and white gloves, not a single one can escape. Once this table of data is slammed onto the table, it is no longer just a matter of money; it is a matter of the regime's dignity being shattered into pieces. You shout about anti-corruption and common prosperity every day, yet how many overseas houses does your family own and through which underground channels did the money travel? The public disclosure of this table will be ten times more ruthless than any sanction.

After discussing the Americans, let's turn back to look at ourselves: when a Chinese person is defrauded of 100,000 RMB, where does this money go? An elder sister in Henan received a phone call, and the other party kept mentioning the Public Security Bureau and the Procuratorate, scaring her so much that her legs went weak. The 100,000 RMB was heart surgery money saved up for her old partner, and just like that, it was transferred transaction by transaction into the so-called "safe account" mentioned by the other party. When she came to her senses, the money was gone; she cried as she called the police, and the police shook their heads, she ran to the bank counter and the teller sighed. She became convinced of one thing: my money flew on a plane to Cambodia. Friends, not a single penny of your money ever left China; it was spent inside China by the scammers. Then where was it spent? On two purposes. The first purpose is to support this massive industrial chain. Think about those young Chinese people who were tricked into industrial parks in Myanmar and cannot return home; they also need to be paid wages, right? But this salary is not paid to them personally in the park; instead, it is directly wired to the bank accounts of their parents, wives, and children back home in China. This money comes out from the funds defrauded from you, helping the grey-market syndicates that collect and transfer money, and paying high wages to the technical personnel hiding in office buildings writing scam scripts. The first part of the money you were scammed out of is used to feed this assembly line specialized in scams. The second purpose is to digest the overcapacity that the CCP cannot sell and pave the way for the Belt and Road. Look at how those parks and buildings in Cambodia were built from scratch. Building requires steel bars, cement, glass, and elevators; where do these things come from? They all come from China. How are the payments for these goods settled? By using the RMB defrauded from you to pay Chinese steel mills and building material factories domestically. Friends, what is this? Isn't this using your blood, sweat, and tears to pave the way for the Belt and Road? We all know the root cause of the current economic illness in China is that ordinary people clutch their wallets and dare not spend, domestic demand cannot rise, and factory goods pile up in warehouses unable to sell. But it doesn't matter if you don't spend money; the scammers trick your money out of you, and what they trick out is far more than what you would dare to spend in a whole year. This money is paid domestically, turned into ship after ship of goods transported overseas, paving the way and expanding territory for the Communist Party abroad. Just ponder how ruthless this entire cycle is: the hard-earned savings of ordinary people are scammed out, turned into Chinese steel and cement exported overseas, and finally landed as parks of the Communist Party along the Belt and Road. This is equivalent to extracting the savings of 1.4 billion ordinary people bit by bit, turning them into the capital for the Communist Party to expand outward. Is this matter serious? With the US seeing all of this before its eyes, how could it not step in and interfere?

How did this scammed hard-earned money end up forcing Xi Jinping into a national security issue that the United States cannot shake off? When you hear this, you might think the U.S. intervened simply because its own people were scammed, feeling sorry for those retirement savings. It goes far beyond that. The U.S. directly upgraded this matter from a criminal fraud case to a national security issue, changing the weight entirely. Why does it qualify for the words national security? Three reasons. First, blood transfusions to a hostile major power. As we mentioned just now, the money scammed from Chinese ordinary people ultimately turned into Chinese steel and cement exported overseas to help the Communist Party pave the Belt and Road and expand its territory. This is equivalent to a machine continuously pumping out the savings of 1.4 billion people, turning them into capital for the Chinese Communist Party regime to expand outward. Once the U.S. saw this, it understood that this was a strategic rival secretly connecting a blood transfusion tube to itself, growing stronger with every infusion. Second, infiltrating the lifeline of U.S. finance. To launder this dirty money, it is impossible to bypass US dollar settlement, U.S. banks, and the cryptocurrency system. This means criminal money and hostile money seeped into the main aorta of U.S. finance, which is why the U.S. Department of Treasury personally took action, kicking Huione out of the US dollar system with a single slash—this is financial national defense, not catching petty thieves. Third, large-scale plundering of U.S. citizens. How many elderly Americans were scammed into bankruptcy? This in itself is a systematic looting of U.S. citizens. Precisely because it was classified as national security, the U.S. deployed its full set of heavy weapons: Treasury financial sanctions, Department of Justice global wanted lists, intelligence agencies probing the wealth foundations of high-ranking CCP officials, and that National Defense Authorization Act holding the line. Just think, would an ordinary fraud case require the Director of National Intelligence to personally step forward? Therefore, from the very beginning, this matter belonged to the U.S. national security apparatus. And with this upgrade, the logic pushed right against Xi Jinping's own forehead. Think about it, who fed this machine that threatens U.S. national security through the Belt and Road? It was Xi Jinping. That means Xi Jinping himself has been placed on the U.S. decapitation hit list. The day the U.S. wants to move against him, it can find a reason at any moment—financial, sanctions, or indictments—with a single slash down. So when you look back at today's show, it all becomes clear: Xi Jinping obediently coming out to make statements and cut ties in front of Hun Sen is to save his life, to spend money to avert disaster, to quickly push back the knife hanging over his head, and to submit a pledge of allegiance to Washington. If he does not come out, it is equivalent to directly sticking his neck out for the U.S. to find an excuse sooner or later to decapitate him. This is why such a seemingly distant telecom fraud case would force a leader of a major power to personally step onto the stage and dismantle his own stage with his own hands.

At this point, you might think this is all just the U.S. stirring up trouble abroad, and that things inside Zhongnanhai must be calm, right? Wrong; it is even bloodier inside than outside. Rumors have long been circulating within the Great Firewall that the other end of Chen Zhi's massive cross-border money laundering network leads to two names with terrifying weight: one is Cai Qi, Xi Jinping's chief of staff and Director of the General Office of the CCP Central Committee, and the other is Wang Xiaohong, the Minister of Public Security who holds the nation's police force in his hands. According to revelations by Jiang Wangzheng, this case is codenamed "Case 601" internally. It started with a fallen former chairman of the Beijing CPPCC and unraveled deeper and deeper, eventually implicating Cai Qi's extended family, who are said to be Chen Zhi's primary contacts in China. It is alleged that the Ministry of Public Security, under Wang Xiaohong's control, abused its authority to issue millions of genuine national ID cards and create millions of shell accounts to launder money for this network. You see, this connects perfectly with the previous account; the defrauded RMB never left the country, but was instead absorbed and smoothed over layer by layer domestically through these millions of shell accounts. First, let's talk about Wang Xiaohong. Do not mistake him for just an ordinary, unlucky Minister of Public Security. The facade has long been torn down within the Great Firewall: how could the entire "Fujian Gang" network of Southeast Asian black-market telecom fraud, online gambling, drug trafficking, and human trafficking operate so openly, using China's telecommunications and banking systems to launder money? Is it possible without the personal backing of the head of the Ministry of Public Security, Wang Xiaohong? Some people inside the firewall have calculated that the rise of Wang Xiaohong overlaps perfectly with the years when Southeast Asian telecom fraud was most rampant. In short, he might as well have announced his own name. This is why, when the Ministry of Foreign Affairs arranged for a delegation to go to Cambodia this April, Wang Xiaohong deliberately avoided it; Cambodia is his own business—who would he be fighting if he went there to catch thieves? He would be fighting himself! But now the wind has changed. Wang Xiaohong was taken away for questioning directly from the Capital Airport by the Central Commission for Discipline Inspection's swift blade in March. Later, Xi Jinping desperately protected him, naming him to accompany foreign guests in May and sending him to Hebei for a high-profile inspection in June, trying every trick to keep him alive. But today, Xi Jinping personally praised Cambodia's crackdown on telecom fraud in front of Hun Sen. This is equivalent to publicly sentencing Wang Xiaohong, the mastermind behind the telecom fraud, to death. Even Xi Jinping, who had been protecting him all along, had no choice but to hold his nose and read the script for this blade that is now swinging toward his own sworn brother.

Look at the person in charge of cadres: the Organization Department of the CCP Central Committee manages the files and promotions of all cadres in the entire party, making it the most critical of all critical positions. Zhang Guangjun, who previously sat in the seat of Vice Minister of the Organization Department, is no simple figure; he not only managed the personnel files of the entire party but also came from a background in nuclear weapons and military industrial research. Yet, such a key figure was kicked out to the Ministry of Science and Technology as a Vice Minister, effectively sidelined. That position, which can grasp the throat of the entire party's promotions, was vacated and handed to someone else. The person who managed cadres was first stripped of the power to manage cadres; this move was the most sinister and ruthless. Next are the chief stewards at the local level: the secretaries-general around the provincial party secretaries of Jilin, Sichuan, Shandong, Shaanxi, Jiangsu, and Henan were all replaced within a year. What does a secretary-general do? They are the personal chief stewards of the provincial party secretaries, managing the most confidential official documents, controlling who the top leader meets, what meetings they attend, and where they go for inspections. The elders did not move against the secretaries; instead, they first replaced all these closest stewards around the secretaries with people vetted by the Senate. Several of the six were even outsiders parachuted in from other provinces or different systems. This is equivalent to planting eyes in the offices of the top leaders in these six provinces, making these local warlords unilaterally transparent to those above, with every move under surveillance. This is to clear and seize the central hubs at the provincial level in advance for Hu Chunhua, who is about to take over. The State Council has not been idle either. The National Development and Reform Commission is the agency that manages the national purse; it used to be the territory of Xi Jinping's trusted Fujian faction. Now, Yue Xiuhu has been inserted there. This person has served as both an economic bureaucrat and a director of the Public Security Department and counter-terrorism commissioner. He is a character who knows both how to audit money and how to investigate people. There is no need for me to elaborate on what it means to insert such a person into the Fujian faction's purse. Finally, there is the blow from the National Audit Office. On June 23, the Auditor General spread the account books out in front of the National People's Congress. Even the Bank of China, known as the eldest son of finance, was publicly called out for using a trick of pooling heads with one-yuan amounts to evade over 2 billion in taxes. Twenty-one provinces were found to have falsified fiscal data, creating empty circulation to inflate figures by nearly 600 million. Fire departments in 31 provinces embezzled over 2 billion in treasury fines, and more than 200 firefighters were found to have illegally opened companies outside. What is this for? This is the Senate behind the scenes clearing up the national assets one by one in public to establish authority for the newcomer about to take office. Friends, if you look at the outside and the inside together, Xi Jinping's current situation becomes clear. Outside, the United States has a financial decapitation blade held to his neck; inside, the elders have a liquidation net from the Fifth Plenary Session that is replacing and taking away his people one by one. The Belt and Road has been exposed abroad, and the Fujian faction has been uprooted domestically. The number of people this man, who is still forcing a dignified appearance as a great power leader in front of the cameras, can trust is becoming fewer and fewer. So, friends, guard your wallets. You must not only guard against the swindlers who deceive you openly, but even more so, see clearly which way the wind of this great liquidation is blowing. Alright, that is all for this episode. Thank you for watching, and we will see you next time.