Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

"No Mercy" To Corrupt: China Warns As It Ramps Up Corruption Crackdown

"No Mercy" To Corrupt: China Warns As It Ramps Up Corruption Crackdown

Beijing has warned of further investigation into corruption in the financial sector and state-owned enterprises.
China has vowed to ramp up its regulatory crackdown and show "no mercy" against corruption as the ruling Communist Party gears up for a key meeting that could secure President Xi Jinping a third term.

The announcement suggests authorities have no plans to rein in investigations that engulfed China's tech industry last year or an ongoing hunt for corruption that has brought down high-flying politicians and influential tycoons.

The official Xinhua news agency carried a communique from the Communist Party's discipline watchdog late Thursday saying authorities will punish any corruption connected to "the disorderly expansion of capital" in various industries and "cut the link between power and capital".

Beijing must "show no mercy to those who engage in political gangs, small circles and vested interests within the party," the statement added, while warning of further investigation into corruption in the financial sector and state-owned enterprises.

Critics argue China's anti-corruption campaign has served as a way to remove political enemies since Xi came to power in 2013.

The fresh warnings followed the Wednesday airing of a state television programme that implied the involvement of tech giant Jack Ma's Alibaba-affiliated Ant Group in a corruption scandal.

Alibaba's Hong Kong-listed shares were down nearly six percent on Friday.

The latest episode of a series on corrupt officials aired by broadcaster CCTV accused unnamed companies of paying off the brother of a former official in Hangzhou in exchange for favorable treatment.

Company records published by business database Tianyancha showed that Ant Group, which did not immediately respond to a request for comment, had invested in two subway payment companies controlled by the official's brother through Ant subsidiary Yunxin Venture Capital Management Co.

Beijing's regulatory crackdown expanded last year to curb runaway growth in China's powerful tech and internet sectors, and to reign in the influence of big businesses.

Ma's e-commerce and payments empire is among the corporate giants hit by the crackdown, with officials spiking Ant's planned IPO at the last minute in late 2020 and hitting Alibaba with a record fine for monopoly activity.

Authorities have also tightened regulations for a host of industries ranging from education to food delivery ahead of the key 20th party congress next autumn, where president Xi is widely expected to be handed a third term in office.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×