When the US financial authorities went after investment bank JPMorgan for hiring princelings in China – the sons and daughters of high officials – many in China scratched their heads. Hiring princelings was common practise, but is now reversing because of the changes in the banking business, WSJ’s Wei Gu discovers in a discussion Tjun Tang of the BCG.
Category Archives: corruption
President Xi Jinping’s struggle against corrupt officials gets a juicy turn as dumped mistresses use the internet to get even with their former lovers, explains author Zhang Lijia on het website. Zhang Lijia is currently working on a book on prostitution in China.
GlaxoSmithKline found itself in the hot seat, after China’s authorities started an investigation into its bribery practices and one of its executives was broadcasted on central tv, confessing his crimes. But in some industries, including pharma, bribery is endemic, tells marketing analyst Ben Cavender at CNN.
China’s most famous liquor Moutai is the Ferrari among alcoholic drinks. But when austerity is high on the political agenda, that might actually create a lot of trouble, explains business analyst Shaun Rein to Reuters. Although they might be able to circumvent those measures.
Expensive watches and liquor are on the watch list, as China is going through an anti-corruption drive, tells Hurun Rich list founder Rupert Hoogewerf Reuters. Less-expensive gifts are the trend.
Can you compare China’s human flesh searchers with Anonymous? Sociologist Tricia Wang discussed for Atlantic the background of China’s online warriors, looking for corrupt officials and other injustice. On 88 Bar Tricia’s Wang publishes part of the interview that was not yet published.
China’s government is trying to change its economy from export and investment oriented into a consumer nirvana. Unfortunately, writes retail analyst Paul French in Channel4, corruption and inflation hinder that policy greatly. What will the upcoming CCP-congress bring?
Disposed Chongqing leader Bo Xilai might have left behind a more prosperous city, that wealth comes at a price, as Chongqing’s debts are far higher than China’s average of already high liabilities, tells financial expert Victor Shih in the Wall Street Journal.