• Sat. Dec 9th, 2023

Beijing Takes Aim at Another Prominent Chinese Business Magnate


Nov 21, 2023

The Central Commission for Discipline Inspection (CCDI) is currently investigating several prominent Chinese business leaders, including Zhou Jun, the president of Shanghai Industrial Investment. Zhou is suspected of serious violations of law and discipline, which typically indicate corruption. This crackdown has seen over a dozen executives from various sectors like technology, finance, and real estate be detained or investigated this year.

Shanghai Industrial Investment is a major player in the Chinese business community, operating in infrastructure, property, and pharmaceuticals. Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China, is also under investigation by the CCDI. Tech entrepreneur Chen Shaojie is rumored to be under investigation as well, causing concern in international consulting firms. These developments have led to a climate of caution and concern within the business community in China.

Fred Hu, CEO of Primavera Capital, has spoken out about the need for legal reform in China to protect entrepreneurs from arbitrary political interference and prosecution. Hu’s comments highlight the need for safeguards and protections for business leaders at a time when many are coming under scrutiny from the anti-corruption watchdog.

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