China’s Xi urges officials to make “spicy” efforts to “sweat” corruption out of system

China’s Xi urges officials to “sweat” corruption out of system
Tuesday, March 18, 2014 – 19:23
Reuters
BEIJING – Chinese President Xi Jinping urged rural officials on Tuesday to make “spicy” efforts to”sweat” corruption out of their systems, state news agency Xinhua reported, as he pressed on with his campaign to crack down on deep-rooted graft. “The weapons of criticism and self-criticism should be well-wielded, with some spice to make every party official blush and sweat a little,” Xi said during a visit to a rural area in central China’s Henan province called Lankao, Xinhua said.

Each member of the ruling Communist Party’s elite inner core, the Politburo Standing Committee, has been allocated a county where they oversee anti-graft efforts, and Xi has been given Lankao, Xinhua said. “Party officials are required to check and report their own problems and mistakes while summarizing the flaws of their colleagues to disciplinary supervisors,” Xinhua said.
Xi said rural areas were crucial to the party, as development can only happen with the good quality and competence of officials there.
He also urged officials to “reduce unnecessary social activities and keep healthy work and life styles”.
Xi launched a crackdown on corruption soon after becoming the party’s head in late 2012, seeking to win back public confidence in the face of a seemingly endless stream of scandals.
The party has sought to curtail everything from bribery and gift-giving to lavish banquets, aiming to assuage public anger over graft and extravagance by some officials.
However, the party has shown no sign of wanting to set up an independent body to fight graft, and it has not gone after any really senior officials.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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