Xi Jinping Ramps Up Crackdown on Small and Large Corporations Alike

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Xi Jinping, Chinese leader, has pledged to crack down on corruption in industries like finance, energy, and infrastructure, targeting both high and low-level offenders.

At a Monday meeting of the Communist Party's top anti-graft body, the Central Commission for Discipline Inspection (CCDI), state media reported that Xi stated China will address "hidden risks" and toughen penalties for those offering bribes. Xi emphasized the ongoing complexity of the situation despite significant progress in the decade-long anti-corruption campaign, stressing the necessity to persist in the fight against corruption without pause or compromise.

He stated that there will be a stronger focus on addressing corruption in sectors that have high levels of power, capital, and resources. The goal is to crackdown on both high-ranking officials and smaller players involved in corrupt activities to benefit the public. Since taking office in 2012, Xi has been targeting both high-ranking officials and lower-level cadres involved in corrupt activities. The mention of flies and ants is a reference to smaller-scale corruption that is easier to hide.

Xis signature project, the anti-corruption campaign, has reached the ruling Communist Party, government, military, and state-owned companies. It will now extend to state-owned enterprises and the pharmaceutical sector.

After the removal of nine military figures from the country's rubber-stamp legislature in December, Xis recent remarks indicate that the anti-corruption campaign is continuing within the military.

This week saw the removal of another high-ranking business leader, Tang Shuangning, who previously served as chairman and party chief of the China Everbright Group, a major state-owned business. The CCDI accused him of neglecting his responsibilities, neglecting to address financial risks, and accepting bribes. Tang's alleged offenses will be handed over to prosecutors for further investigation and possible prosecution.

Throughout 2023, the commission thoroughly investigated more than twelve high-ranking executives at the most influential financial institutions in the country. This information was obtained from previous CNN analysis of statements found on the CCDI's website. The individuals under investigation included prominent figures at the pinnacle of China's financial system, such as Liu Liange, the former chairman of the state-owned Bank of China, and Wang Bin, the former head of state-owned China Life Insurance.

CNNs Shawn Deng contributed reporting