China corruption drive goes after ‘guzzling’ officials

China corruption drive goes after ‘guzzling’ officials
Wednesday, March 19, 2014 – 13:08
AFP
SHANGHAI – China’s officials may need to tighten their belts after authorities ordered official canteens to serve “smaller portions” in a crackdown on over-indulgence, the Xinhua state news agency reported.

The government has been on a drive against official corruption and excess, which has seen gift-giving, banquets and the fiery liquor baijiu come under the spotlight. The aim is to calm public anger over graft and extravagance by some officials.
“Authorities are not allowed to organise banquets or guzzle under the name of convening meetings and training,” Xinhua said late on Tuesday, citing a government circular.
Official canteens and cafeteria were asked to provide smaller portions of “simple but healthy” food and put up “save the food” slogans in prominent places, Xinhua said.
Special supervisors will ensure officials do not waste food and they will criticize those who do.
China has been facing tight food supplies for a long time but food waste was rampant due to “ostentatious lifestyles and lack of supervision”, Xinhua said, citing the circular.
President Xi Jinping urged officials to “sweat” corruption out of the system on Tuesday.
Separately, the ruling Communist Party’s anti-corruption watchdog said on Wednesday it had set up a department to prevent its graft busters from becoming corrupt.
The department will “prevent ‘vermin’ from appearing in our ranks, and clean out ‘black sheep’ promptly”, Chen Wenqing, a deputy party chief of the Central Commission for Discipline Inspection, said in an interview on the commission’s website.
The commission carried out internal restructuring to beef up efficiency in the anti-corruption campaign, a top priority for Xi’s leadership to restore public faith in party rule.
“The soil for corruption still exists, and the anti-graft situation remains severe and complicated,” Chen said. “The people pay great attention to the fight against corruption.”
The campaign against government excess took major bites out of spending on official meetings, travel and vehicles in 2013, the Communist Party’s chief disciplinary body said last week.
The anti-luxury crackdown has been a concern for businesses that supply premium liquor, expensive watches and luxury cars, as well as for high-end hotel chains.

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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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