China Xi Jinping to Tackle Corruption

Until the Bo Xilai scandal hit China corruption seemed to be ingrained in political life. New Chinese President Xi Jinping is issuing some harsh words and warnings as China is set to address its graft problem.

In unusually blunt language, Vice President Xi, who assumes Hu Jintao’s job as head of state in March, said that graft was like “worms breeding in decaying matter” — an old Chinese phrase meaning “ruin befalls those who are weak”.

“In recent years, some countries have stored up problems over time leading to seething public anger, civil unrest and government collapse — corruption has been an important factor in all this,” state newspapers quoted Xi as telling a study session for the Politburo, the party’s second-highest decision-making body.

“A great deal of facts tell us that the worse corruption becomes the only outcome will be the end of the party and the end of the state! We must be vigilant!” Xi added.

“Recently, our party has had serious discipline and legal cases of a despicable nature which has had a bad political effect and shocked people,” he said, without naming any of these incidents.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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