Chinese authorities have announced a new war on corrupt officials. In response, officials have panicked and withdrawn money from the banks, as well as selling luxury goods.
The Communist Party of China‘s announcement of the fight against corruption in their ranks is not the first time. This time, however, the announcement caused panic among wealthy officials.
Just a few days after the announcement, officials continue to hide money and sell off property.
“Henan Business Journal” reported that in southern China‘s Guangzhou province alone, there was an increase in bank withdrawals of 1.8 billion yuan. That’s about $285 million.
Chinese officials and their families also withdrew money from banks in Beijing, Shanghai and other major cities in China.
The Party Discipline Supervision Committee, in a statement to a Chinese newspaper, reported real estate sales also increased among people employed in the state sector.
This year, China has commenced a five-year plan to combat corruption of officials, which has a new approach by the Chinese. Officials are now expected to disclose their assets.
Source: Dziennik “Panika wśród chińskich urzędników. Władze wypowiadają wojnę korupcji”Related Articles
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- China’s anti-corruption drive triggers frantic property dump among officials (chinadailymail.com)
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