BlogChina’s corruption crackdown targets both big & small officials
China’s corruption crackdown targets both big & small officials
China is going after corrupt officials everywhere; no one is spared. Officials from every province have faced scrutiny. The Deputy Community Party Chief of Beijing is under investigation for corruption according to the Party’s Central Commission for Discipline and Inspection. A day earlier after they had announced it was probing Ai Baojun, the vice mayor of Shanghai, under similar charges; so far powerful officials who before feared nothing, have been arrested in each of China’s 31 provincial divisions.
Since the crackdown began in 2012, over 80 officials at provincial levels have been forced to step down as a result of being charged with corruption.
killing tigers and swatting flies
According to the Central Commission for Discipline Inspection (CCDI), since Xi Jinping took leadership of the Chinese Communist 2012, over 414,000 government officials 414,000 officials have been disciplined and reprimanded for corruption; out of this amount over 201,600 were prosecuted in the court. In the most corrupt province Shanxi, the number of individuals being prosecuted for fraud has surged 30% over 2013 figures, and the numbers are set to rise this year again. The state media refers to this strategy as “killing tigers and swatting flies”; the tiger represents top influential party members, and the flies represent the smaller guys. The government is informing everyone that no one will be spared.
We expect these probes will widen, and more high ranking officials will be arrested and forced to step down. In the short term, this will exacerbate an already volatile market, but such policies set up the foundation for a robust and secure economy. In the long run, we expect Chinese markets to soar to highs that one can only dream of today. Subscribe to our Free Newsletter, and we will let you know when the time is ripe to jump into the Chinese markets.