China's Anti-Graft Drive Supports Resilient Growth

China’s Anti-Graft Drive Supports Resilient Growth by Dan Steinbock

As China’s anti-corruption drive is expanding from the public and corporate sector to financial institutions, some argue that it is hurting economic growth. In reality, it is the rule of law that can ensure China’s resilient growth.

On taking office, top leader Xi Jinping vowed to crack down on “tigers and flies”, corrupt senior and lower-level officials. Over the past three years the anti-corruption campaign has been executed under the direction of the Central Commission for Discipline Inspection and its chief Wang Qishan. In the first 11 months of last year alone, more than 43,200 Party members were scrutinized, while over 29,000 were given Party or administrative disciplinary punishment.

But in early December, global...