China’s anti-corruption watchdog is intensifying its crackdown as it investigates yet another business leader, Shanghai Industrial Investment president Zhou Jun. The Shanghai Municipal Commission for Discipline Inspection, a branch of the Central Commission for Discipline Inspection (CCDI), is currently investigating Zhou for suspected serious violations of discipline and law, commonly referred to as corruption.
Zhou had previously held posts at several state-owned group’s Hong Kong listed subsidiaries before resigning citing personal matters. His company, Shanghai Industrial Investment, operates in infrastructure, property, and pharmaceuticals, making him the latest prominent business leader in China to be investigated by authorities.
The CCDI has also been investigating other top executives from various sectors like technology, finance, and real estate this year. Over a dozen executives have either disappeared or become subjects of corruption investigations. The disappearance or detention of international consulting firm executives has also heavily impacted the business community in China overall.
Fred Hu, chief of one of China’s leading investment firms, suggests that entrepreneurs are “lying low or lying flat” against the backdrop of these investigations. He emphasizes the need for China to reform its legal system for the protection of entrepreneurs from arbitrary political interference and even prosecution.