The Central Commission for Disciplinary Inspection (CCDI) is currently investigating several high-profile business leaders in China, including Shanghai Industrial Investment Chairman Zhou Jun and former senior executive vice president of the Industrial and Commercial Bank of China, Zhang Hongli. Tech entrepreneur Chen Shaojie is also under investigation, causing concern among international consulting firms.
Zhou has resigned from several subsidiaries of the state-owned group, likely due to ongoing investigations into serious violations of law and discipline. These investigations typically indicate corruption within the Chinese business community. This crackdown on executives from various sectors such as technology, finance, and real estate has led to a climate of caution and concern among China’s business community.
Fred Hu, CEO of Primavera Capital, has recently spoken out about the need for legal reform in China to protect entrepreneurs from arbitrary political interference and prosecution. This highlights the need for safeguards and protection for business leaders at a time when many are under scrutiny by the anti-corruption service.