The Central Commission for Discipline Inspection (CCDI) is currently investigating Shanghai Industrial Investment president Zhou Jun for suspected serious violations of law and discipline, which is typically an indication of corruption. This news has caused concern within the Chinese business community as many prominent figures like Zhou have resigned from their positions due to these ongoing investigations.
The CCDI is also looking into former senior executive vice president at the Industrial and Commercial Bank of China, Zhang Hongli, and tech entrepreneur Chen Shaojie. The recent crackdown on corruption has seen over a dozen executives from various sectors including technology, finance, and real estate being detained or investigated this year. This has created 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. This shows that many business leaders are coming under scrutiny from the anti-corruption watchdog, making it necessary for safeguards and protections to be put in place to ensure that entrepreneurs can operate freely without fear of persecution.