Breaking News

President Xi’s Plan to Outpace Chinese Corruption
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Corruption is a systemic problem that often faces societies when markets are rather unregulated and are still in the high growth phase. In the Asian and emerging markets, corruption is the rule rather than the exception for business transactions and operations across the board. While Americans may feel taken aback at the situation, and certainly the Germans may cringe, this practice of greasing palms, or of paying to “expedite” things is as close as Mexico or as common as pharmaceutical kickbacks or bar buybacks. Under different guises the problem raises its head over the span of 7 continents.

China’s President Xi, according to Bloomberg, wants nothing more than to move beyond this pesky problem and to nip this issue at the bud. President Xi is taking the issue into the deepest reach of the Politburo committee, sending a message that the government’s favorites are not going to be protected any longer. “President Xi is trying to unwind a culture of bribery and graft that has hurt the government’s legitimacy and jeopardized economic growth.” William Overholt, a senior fellow at Harvard University and president-elect of the Fung Global Institute in Hong Kong, comments, “For the first time, corruption has reached a scale that threatens to undermine economic efficiency.”


Graft and corruption drive up the cost of doing business and it lowers investment returns from ventures which can’t have credible or reliable numbers. Much of the transactions that happen in these corrupt practices are ‘off balance sheet’ items. As a result, investors cannot faithfully invest in areas where the numbers are dubious. Especially not with millions of dollars.

High level government officials are being targeted and will definitely have some penalties for graft. This move by president Xi is a positive sign to investors globally that China will engage in economic reforms that will help its growth. It also positively affects the world’s outlook on China. As the world’s second largest economy, this is a bold and positive step for the middle kingdom.

Image credit: Bloomberg

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!



Litigation Firm Billing Manager or Coordinator

USA-CA-Beverly Hills

Job Description Victor Rane is a growing litigation and trial firm with experienced attorneys loo...

Apply now

Complex Commercial Litigation Attorney

USA-FL-Winter Park

Byrd Campbell, P.A., a respected, well-established national firm, based in Winter Park, Florida, see...

Apply now

Law Clerk


A law clerk or a judicial clerk is a person, generally someone who provides dire...

Apply now



Paralegals support lawyers by maintaining, drafting documents, and organizing files, calling on lega...

Apply now




Search Now

Junior To Mid-Level Patent Associate Attorney


Doral office of a BCG Attorney Search Top Ranked Law Firm seeks a junior to mid-level patent associa...

Apply Now

Commercial Litigation Attorney


Lafayette office of a BCG Attorney Search Top Ranked Law Firm seeks a commercial litigation attorney...

Apply Now

Mid-level Intellectual Property Litigation Associate Attorney

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search Top Ranked Law Firm seeks a mid-level intellectual prope...

Apply Now

Most Popular


To Top