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Crime & Corruption

Panic among Chinese officials as authorities declare war on corruption

China Money CorruptionChinese authorities have announced a new war on corrupt officials. In response, officials have panicked and withdrawn money from the banks, as well as selling luxury goods.

The Communist Party of China‘s announcement of the fight against corruption in their ranks is not the first time. This time, however, the announcement caused panic among wealthy officials.

Just a few days after the announcement, officials continue to hide money and sell off property.

“Henan Business Journal” reported that in southern China‘s Guangzhou province alone, there was an increase in bank withdrawals of 1.8 billion yuan. That’s about $285 million.

Chinese officials and their families also withdrew money from banks in Beijing, Shanghai and other major cities in China.

The Party Discipline Supervision Committee, in a statement to a Chinese newspaper, reported real estate sales also increased among people employed in the state sector.

This year, China has commenced a five-year plan to combat corruption of officials, which has a new approach by the Chinese. Officials are now expected to disclose their assets.

Source: Dziennik “Panika wśród chińskich urzędników. Władze wypowiadają wojnę korupcji”

About Piotr Chodak

CEO CHINY to LUBIĘ - www.chinytolubie.pl Interested in: China and Far East, public relations, political marketing


7 thoughts on “Panic among Chinese officials as authorities declare war on corruption

  1. Reblogged this on Insomniacs II.


    Posted by irmedeaca | January 28, 2013, 12:03 pm
  2. Reblogged this on Oyia Brown.


    Posted by OyiaBrown | January 28, 2013, 10:30 pm


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