China’s extensive crackdown on corruption in government and business has taken a small, but measurable, bite out of the country’s economic growth.
The anti-corruption campaign has ensnared executives working for foreign and Chinese companies, and more than 37,000 government officials have been placed under investigation, according to state media.
Employees at drug giant GlaxoSmithKline, dairy producer Danone and state-backed oil company PetroChina have all been implicated. In addition, Beijing has put the kibosh on conspicuous spending. Government representatives have been told to stop holding extravagant banquets, riding in showy cars and giving or accepting luxury gifts.