DIGIVESTASI - Chinese President Xi Jinping has pledged to strengthen the anti-corruption movement in key industries in China. Launching Bloomberg, Tuesday (9/1/2024), Xi Jinping named the financial, energy, pharmaceutical and infrastructure sectors as well as state-owned enterprises as new targets for supervision at the Communist Party's anti-corruption meeting at the Communist Party. January 11, 2024. Monday. "There is no turning back, no retreat, and no mercy in the fight against corruption," the Chinese leader said. Bloomberg.

Alicia Garcia Herrero, chief economist for Asia-Pacific at Natixis SA, said the anti-corruption campaign is important because some cases are security-related and Xi could see them as a threat. These measures undermine confidence and the economy, but are unlikely to stop anytime soon. "There is a real compromise in Xi's eyes and security is the top priority because they are two things," Herrero said.

China's most powerful leader since Mao Zedong has made fighting corruption his top policy since coming to power more than a decade ago. Several senior officials known as "tigers" were indicted last year and China is investigating more than 100 financial experts, including the former head of Bank of China Ltd. Luong Ca's successor. Xi said that corrupt people of the "ant" class are also being targeted. It is still complicated and difficult," he added.

The meeting was held in conjunction with the screening of four documentary episodes in China detailing 12 corruption cases. One episode highlighted an official who credited more than 150 billion yuan ($21 billion) to the city's debt ledger for fake infrastructure projects. China has also fired about 15 senior members of the military and defense industrial complex in recent months, as investigations into corruption in the sector continue. The move comes after China abruptly fired its Foreign Minister last year, creating further instability.