Strict governance must be maintained ‘to ensure the development goals and tasks of the 14th five-year plan are fulfilled’, he says at corruption watchdog’s annual conference

He also calls on regulators to tighten oversight of the financial sector

has reiterated the need to fight

if the country is to achieve its economic and political goals.

Speaking on Friday at the

, Xi said the threat of corruption remained serious, and promised to get tough on Communist Party officials who feigned loyalty while engaging in corrupt activities.

“As the biggest risk threatening the party’s governance, corruption still exists,” state media quoted him as saying.

“The struggle between corruption and anti-corruption efforts will continue to exist for a long period to come,” he said.

“[We must] thoroughly implement the principle of exercising strict governance over the party and maintain the political orientation … to ensure the development goals and tasks of the 14th five-year plan are fulfilled.”

The situation was “severe and complex”, he said, adding that political and economic issues were becoming intertwined.

Xi has been fighting an anti-corruption campaign since taking office in 2012. His efforts led to the demise of party heavyweights like ex-security tsar Zhou Yongkang, former Chongqing party chief Bo Xilai and close aide of former president Hu Jintao, Ling Jihua.

State media accused all three not only of making illicit financial gains but also forming cliques against the party leadership.

Xi also urged regulatory bodies and other authorities to tighten oversight and governance in the financial sector.

Lai Xiaomin, the former chairman of state-owned financial company China Huarong Asset Management, was

after being found guilty of taking and seeking bribes worth almost 1.8 billion yuan (US$277 million).

The CCDI said in December that 32 officials at the provincial or ministerial level were investigated last year. In the first 11 months of 2020, 1,229 fugitives were returned to China to face charges and more than 2.4 billion yuan in ill-gotten gains was retrieved, it said.

Xie Maosong, a political scientist at the Chinese Academy of Sciences, said officials were not only taking cash bribes but engaging in different kinds of corruption.

“For example, it could be equity, and the person may not hold the shares himself. That form of bribery is not as simple as before and it’s not easy to investigate,” he said.

“Financial security is an important part of national security. If financial risk can’t be controlled, it will threaten economic security and may threaten political security.”

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

President Trump’s questions about mail-in ballots, answered

With six days left until Election Day, President Trump is still questioning the legitimacy of voting by mail. At a rain-soaked rally in Lansing, Mich., on Tuesday, Trump, as he often does, asked the crowd a series of rhetorical questions…

Bernie Sanders, stuck in Trump’s trial, leans on star power of ‘AOC’

CEDAR RAPIDS, Iowa (Reuters) – U.S. presidential candidate Bernie Sanders drew large, passionate crowds in Iowa this weekend, even when he was not there. The U.S. Senator from Vermont has been rising in opinion polls just as Iowans prepare to…

Coronavirus relief deal still elusive as Pelosi details outstanding issues

Washington — Despite ongoing discussions with Treasury Secretary Steven Mnuchin over another coronavirus relief package, House Speaker Nancy Pelosi on Thursday revealed several areas that are still unresolved in talks with the Trump administration, indicating the two sides remain far…

Minority-owned businesses were last to receive PPP loans

Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many minority owners struggled more than White owners did to find banks that would accept their applications or were disadvantaged by…