By Hongming Cheng
Given China's speedy improvement, many observers assert that global fiscal development and key financial signs at the moment are reckoning on the rustic on my own, together with the clients of the greenback, the Euro, oil costs, business commodities, worldwide fairness markets and bond costs. however, China faces a few significant social and financial demanding situations which can undermine destiny progress, corresponding to primary corruption, monetary crime, and the relative loss of the guideline of legislation.
Financial Crime in China builds upon unique learn into the subject and provides a never-before-seen examine the systemic unfold of state-controlled corruption in the shape of financial institution fraud, securities fraud, insider buying and selling, and Ponzi schemes. Cheng offers an actual photo of economic crime in China via picking out the newest manifestations, studying empirical facts and case experiences, and drawing conclusions in regards to the foundation, features, dynamics, and developmental positive aspects of monetary criminal activity within the context of political economy.
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Additional info for Financial Crime in China: Developments, Sanctions, and the Systemic Spread of Corruption
Sample text
It was reported that prior to the 2008 election, John Key admitted that he had met with Yan three times and accepted his donation. New Zealand media also reported Yan’s luxurious lifestyle. 61 million penthouse apartment in Auckland’s Metropolis tower, owns several other expensive properties, and enjoys gambling in the Skycity Casino (Taylor, 2012). In 2014, based on the new evidence provided by the Chinese authorities, New Zealand police started to initiate an investigation of Yan for suspected money laundering.
However, due to the lack of official extradition agreements between China and many Western countries, China still has a long way to go before fugitives face trial. In recent years, the Chinese government has encouraged partial privatization of the SOEs, hoping to generate a stronger incentive for SOEs to introduce more healthy corporate practices. As a result, however, incomplete reforms have provided another major opportunity for corrupt officials and SOE executives to steal huge funds by selling state assets to private companies or to swindle investors out of millions of dollars by manipulating the stock markets (Fenby, 2014; Tiezzi, 2015).
His son, Levin Zhu Yunlai, was the chief executive of China International Capital Corp, one of China’s largest investment banks until 2014, when he resigned from the position without giving any reasons. Zhu Rongji’s daughter, Zhu Yanlai, is a senior manager at the BOC, Hong Kong branch. It was reported that Zhu Yunlai’s annual salary at China International Capital Corp in 2007 exceeded US$17 million, much more than the salaries of most financial executives in China (Sender, 2008). The younger generation of princelings have taken somewhat different routes to control financial resources.