The Central Commission for Discipline Inspection (CCDI) is currently investigating business leader Zhou Jun, the president of Shanghai Industrial Investment, for suspected serious violations of law and discipline, which typically indicate corruption. This comes as 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 a prominent player in the Chinese business community, operating in infrastructure, property, and pharmaceuticals. Zhou has resigned from several subsidiaries of the state-owned group potentially due to these ongoing investigations. Another high-profile figure under investigation is former senior executive vice president at the Industrial and Commercial Bank of China, Zhang Hongli. Tech entrepreneur Chen Shaojie is also rumored to be under investigation, 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, has spoken out about the need for legal reform in China to protect entrepreneurs from arbitrary political interference and prosecution. This underscores the need for safeguards and protections for business leaders at a time when many are coming under scrutiny from the anti-corruption watchdog.