Xi Jinping asks his officials not to collude with business groups amid battle with economy

Chinese President Xi Jinping has directed the officials to not collude with the business community and stressed that despite the government's efforts to improve the economy, the crackdown on the private sector will remain a concern for investors.

This was said by the Chinese President at the anti-corruption supervision meeting on Monday where he said the officials should take action to prevent leading businessmen from acting for any power or interest groups, reported Xinhua News Agency.

Why did Xi Jinping warn his officials to avoid ‘collusion’ with business groups?

He stressed that the infiltration of the capitalists into politics would destroy the political ecology of the country or the environment for economic development. This development came at a time when the Chinese government has eased regulatory restrictions on the country's tech giants, such as Alibaba Group Holding Ltd. and Tencent Holding Ltd., helping their stock prices increase.

Notably, the Jingping-led Communist regime has kept anti-corruption policy as its main focus for the past decade, and his approach has helped it neutralise potential threats. In July, the Central Commission for Discipline Inspection stated that the campaign had attracted some 4.7 million officials.

Last year, the government sentenced life imprisonment to Sun Lijun, who was a former public security officer for having involvement in bribery and other crimes. Jinping has repeatedly called that under his governance, corruption would not be allowed to prosper. It is worth noting that the Chinese President's call to continue the campaign against corruption has come at a time when his government has scrapped the "Zero-COVID" policy.

On Sunday, January 8, 2023, the Chinese government reopened its border, which had been closed for nearly three years after the removal of all COVID-related measures such as mass testing and rapid lockdowns. The Chinese government is making efforts to improve the economy of the country as COVID rules have now been eased.

The nation is conforming to a record local government bond quota and expanding its budget deficit. According to reports, the country's economy is likely to witness a jump in growth rates of around 5% before the end of this year.

Image: AP