China pledges to strengthen anti-corruption in finance and energy

The Chinese government has pledged to intensify its anti-corruption efforts across various industries, including finance and energy, signaling that President Xi Jinping’s campaign against corrupt officials will continue for the foreseeable future, News.az reports citing Bloomberg.

The nation’s graft watchdog singled out the finance, energy, tobacco, pharmaceutical, sports, engineering and construction sectors as well as state-owned firms in a communique on Jan 8 at the end of an annual three-day conference in Beijing.

The Central Commission for Discipline Inspection (CCDI) called China’s corruption problem “grave and complex”, according to the communique, which was reported by the official Xinhua News Agency.

It vowed to “continue to punish corruption and strictly investigate corruption cases where political issues and economic issues are intertwined” in 2025.

The CCDI’s promise adds to worries for investors already unsettled by a halting economic recovery.

The crackdown on corruption that Mr Xi launched when he took power in 2012 sent a chill through the investment banking industry in 2024, when at least three top bankers from different securities firms were detained as regulators apparently scrutinised initial public offerings and other capital-raising activities.

The graft-buster’s vow echoes comments made by Mr Xi at the start of the conference, when he called corruption the “biggest threat” facing the party.

His anti-graft push has ensnared a record number of senior officials for two straight years, and in December, the government took the rare step of executing an official for his misdeeds.

The Xinhua report didn’t mention the military, which has experienced an unfolding purge implicating a number of top officers and generals.

The US Defence Department has said the corruption probes could hinder the goals Beijing has set for modernising its armed forces, delaying efforts to reach key milestones by 2027. BLOOMBERG

News.Az