China issues stricter rules for officials to report assets


China has issued stricter regulations requiring officials to report personal information, including assets, to the ruling Communist Party, state media said, in the country’s latest effort to tackle corruption.

China’s President Xi Jinping sees extravagance and corruption as an existential threat to the party, whose authority is in part predicated on its ability to spread the gains of China’s growth fairly among the Chinese people.

His ongoing crackdown on corruption has moved in recent months away from the high profile officials to weeding out daily corruption at the grassroots, making almost anyone a potential target.

“Officials at deputy county level or above are required to report information, including their marital status, overseas travel, criminal records, wages and other earnings, family properties, stocks, funds, insurance and other investment,” the official Xinhua news agency reported late on Wednesday.

The rules, jointly issued by the General Office of the party’s Central Committee and the General Office of the State Council, China’s cabinet, would be accompanied by random audits, increased in frequency to one in 10 reports, Xinhua said.

“The report of personal information is an important assessment of loyalty to the party,” Xinhua said, adding that it would be linked to the promotion process.

It also said punishments have been stipulated for false declarations and deliberate concealment of personal information, but did not specify what they were.

Many cases of corruption have involved officials registering businesses and property under the names of relatives, allowing them to meet the letter of party guidelines while still using their influence to amass wealth.

Officials are currently not subject to public asset disclosure requirements. China also does not have an independent anti-corruption body, and insists the party and the government can police itself.

(Reporting by Michael Martina; Editing by Michael Perry)

Source: Reuters “China issues stricter rules for officials to report assets”

Note: This is Reuters’ report I post here for readers’ information. It does not mean that I agree or disagree with the report’ views.

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2 Comments on “China issues stricter rules for officials to report assets”

  1. Joseph says:

    This is really bad news. For foreign countries intending to harbor Chinese corrupt officials to benefit from illegal money of the corruptors. Not that those corruptors can enjoy their money for long anyway, especially in Western countries. There a story about a short-minded official who embezzled money and fled to Australia. In 2005 he embezzled hundred millions of dollars and fled to Australia where the Australian offered asylum from Chinese law enforcer. He bought luxury house and opened a lavish cafe in Sydney. Life was good. Fast forward 10 years in 2015, he lost his luxury house and most of his money after being scammed by Australian bank investment advisors, legally rampant in Australia. His lavish cafe was a run-down cafe as business was terribly not good. He could no longer afford to pay waiter that he had to serve coffee himself. Life is hell as he still have to pay house mortgage from the very bank whose financial advisors conned him, reportedly, the infamous Australian Commonwealth Bank. To make matter worse for him, Chinese law enforcement has not forgotten him as he was still on the list of people China tried to extradite. And Chinese government actively is pursuing extradition treaty for corruptors. All he can do was to plead in Australian TVs for Chinese government to ‘leave him alone’ as he was only ‘shrimps’ and there’s no more money to recover anyway. An illegal embezzler who himself got legally embezzled in foreign country he fled on, really ironic.

    Like

  2. Steve says:

    Just standard practise for Taxation Offices or Departments to scrutinise All taxpayers records. Very common practice in most countries.

    Like


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