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 In response, officials have panicked and withdrawn money from the banks, as well as selling luxury goods.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”
 


Categories: Crime & Corruption

Tags: , , , , , ,

7 replies

  1. Reblogged this on Oyia Brown.

    Like

Trackbacks

  1. War Clouds Gather Over China And Japan « Stirring Trouble Internationally – Around the world
  2. Chinese anti-corruption drive nets Politburo member « China Daily Mail
  3. 25,000 netizens applaud U.S. tax plans which fight Chinese corruption « China Daily Mail
  4. As expected, China property bubble reinflates | China Daily Mail
  5. China’s ivory craze kills 100,000 elephants | China Daily Mail

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: