• Sun. Dec 3rd, 2023

Beijing Takes Aim at Another Prominent Chinese Business Magnate


Nov 21, 2023

The Central Commission for Discipline Inspection (CCDI) is currently conducting an investigation into Shanghai Industrial Investment president Zhou Jun, who is suspected of serious violations of law and discipline. This is part of a larger crackdown that has seen over a dozen executives from various sectors including technology, finance, and real estate being detained or investigated this year.

Zhou has resigned from several subsidiaries of the state-owned group, potentially due to these ongoing investigations. Shanghai Industrial Investment is a prominent player in the Chinese business community as it operates in infrastructure, property, and pharmaceuticals. A former senior executive vice president at the Industrial and Commercial Bank of China, Zhang Hongli, is also under investigation by the CCDI. Tech entrepreneur Chen Shaojie is rumored to be under investigation as well, causing concern among 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, recently spoke out about the need for legal reform in China to protect entrepreneurs from arbitrary political interference and prosecution. This highlights 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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