Anti-corruption drive spares major state-run monopolies, yangqis

Chinese President Xi Jinping and Premier Li Keqiang.

Chinese President Xi Jinping and Premier Li Keqiang.

The high-profile detention last week of Jiang Jiemin, former president of one of China’s largest state-owned conglomerates, the China National Petroleum Corporation (CNPC), means that President Xi Jinping is really serious about fighting corruption. There is, however, no evidence that the crackdown on the monkey businesses of the CNPC suggests that the leadership under President Xi and Premier Li Keqiang is about to make radical changes to the Chinese Communist Party’s (CCP) long-standing policy of retaining control over 110-odd yangqi, or state-owned enterprise (SOE) groups that enjoy monopolies over major sectors of the economy.

 (FULL STORY)

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