In recent years, China’s anti-corruption body has been investigating several high-profile business leaders for suspected serious violations of law and discipline. One such individual is Zhou Jun, the president of Shanghai Industrial Investment. The Central Commission for Discipline Inspection (CCDI) is looking into him for potential corruption, which has led to his resignation from several subsidiaries of the state-owned group.
Zhou’s investigation is part of a wider crackdown that has seen over a dozen executives from various sectors like technology, finance, and real estate be detained or investigated this year. Shanghai Industrial Investment is an infrastructure, property, and pharmaceuticals company that plays a prominent role in the Chinese business community.
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 in 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. His comments highlight the need for safeguards and protections for business leaders at a time when many are coming under scrutiny from the anti-corruption watchdog.