The hunt is on for ‘crocodiles’ in China’s corridors of power
Supervision minister warns tycoons not to seek office or collude with officials, but analyst says authorities need to tackle root causes of graft
China’s minister for clean government has warned businesspeople against colluding with officials for political power, calling the practice “very dangerous”.
The warning from Yang Xiaodu, the minister of supervision and a right-hand man of top graft-buster Wang Qishan, comes as observers are watching closely to see if more tycoons will be targeted ahead of a reshuffle of the top ranks later this year.
China Securities Regulatory Commission chairman Liu Shiyu said last month the authorities would go after more “big crocodiles” – the mainland term for wealthy corrupt businesspeople – to clamp down on manipulation of the stock market.
At the China Development Forum on Saturday, Yang said two types of entrepreneurs had been keen to cultivate links with government officials.
“One group wants to find patrons and aims to get an advantage in the market,” he said. “The other group hopes, after obtaining wealth, to seek political power. This is dangerous.”
Yang said the anticorruption campaign would be instrumental in cutting collusion between officials and businesspeople.