Sat. Dec 9th, 2023

The Shanghai Municipal Commission for Discipline Inspection has intensified its crackdown on corruption as it investigates yet another business leader, Zhou Jun, the president of Shanghai Industrial Investment. This commission, a branch of the Central Commission for Discipline Inspection (CCDI), is suspected that Zhou has violated discipline and law, commonly referred to as corruption.

Zhou had previously held posts at several state-owned group’s Hong Kong listed subsidiaries before resigning recently citing “personal matters,” according to CNN. His company, Shanghai Industrial Investment, operates in infrastructure, property, and pharmaceuticals, making him the latest prominent business leader in China to be investigated by authorities.

The CCDI has been investigating several top executives from various sectors like technology, finance, and real estate this year. Among them are Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China, and Chen Shaojie, the founder and CEO of DouYu.

These developments have heavily impacted the business community in China overall with rising risks to international consulting firms such as raid or detention of executives reported by CNN. Fred Hu, chief of one of China’s leading investment firms suggests that entrepreneurs are “lying low or lying flat” against the backdrop of these investigations. Hu emphasized the need for China to reform its legal system particularly for protecting entrepreneurs from arbitrary political interference and even prosecution.

By Editor

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