Xi vows to deepen China’s sweeping anti-corruption crackdown

CHINA’S President Xi Jinping pledged to deepen the country’s anti-corruption crackdown, particularly in capital-intensive sectors, and will increase punishment for people who offer bribes.

He urged tighter monitoring to prevent the spread of graft to new sectors, and for officials to handle what he called “hidden corruption” quickly, said a report from state broadcaster CCTV following a meeting of the Communist Party’s Central Commission for Discipline Inspection on Monday (Jan 8). He highlighted finance, energy, infrastructure, pharmaceutical and state-owned firms as main focuses.

Xi has repeatedly vowed zero tolerance on corruption since he took office in 2012, with his signature campaign sweeping through industries such as health and finance. 

Last year, there was a record number of senior cadres ensnared; the investigation of high-profile bankers, such as former Bank of China chairman Liu Liange and former China Development Bank vice-president Zhou Qingyu sent ripples through the financial sector. 

China will more severely punish people found guilty of offering bribes, said Xi. He said there had been an overwhelming victory in the decade-long anti-corruption push, but that the situation remains complex. BLOOMBERG