China's new wave of regulatory enforcement: what multinationals need to know
Since Xi Jiping became China’s leader this year, the People’s Republic of China (PRC) has seen the launch of an unprecedented, sweeping government campaign to tackle corruption.
The wave of enforcement action against corrupt officials that started with the arrest of the enormously powerful former Chongqing party secretary, Bo Xilai, has since surged on. Most visibly, Liu Zhijun, head of the once powerful Ministry of Railways, was sentenced to death for corruption in July; then Bo was tried and sentenced to life in prison; and then, in early September, state-run media reported that Jiang Jiemin, the former chairman of state-run PetroChina, China’s largest oil company, would be investigated for ‘suspected serious disciplinary violations’…
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