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Anti-graft drive boosts market confidence
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THE national campaign against graft is a focus of the ongoing Two Sessions — the annual plenary meetings of national lawmakers and political advisors in Beijing.
The general consensus among those participating in the most important sessions in China’s political calendar is that the initiative is purifying the market while injecting vitality into the economy.
Hou Xinyi, a national political advisor and law professor with Nankai University in Tianjin, said some were concerned that the anti-graft drive could lead to a sluggish market and lazy governance. “However, it is quite the opposite. I believe the fight against corruption will lower transaction costs for society as a whole. It will also improve government efficiency by reinforcing rules and regulations.”
Wang Jinfu, a national lawmaker and president of Zoomlion Heavy Machinery Co, said: “The anti-graft drive has created a more equal and rule-based market environment where companies can invest more energy and capital to make themselves more competitive.”
Since China’s anti-corruption campaign was intensified after the 18th National Congress of the Communist Party of China in late 2012, the link between it and the current economic slowdown has been often discussed. Industrial insiders agree that the anti-corruption campaign could affect some sectors, especially high-end consumption, in the short term. In the long run, however, it will create a fertile environment for Chinese enterprises to flourish.
Zheng Xiaohe, national lawmaker and board chairman of Anhui Tianfang Tea (Group) Co, said: “Indeed, our sales of high-end tea products have dropped in recent years, but the sales in the supermarket and online platforms have remained the same.
“Although patterns of consumption may have changed for some people, the overall demand for tea is unchanged.”
The anti-corruption drive has also boosted investor confidence.
Li Keng Hsiu, from Taiwan, is now board chairman of an office equipment company in Shanghai. He has been doing business on the Chinese mainland for nearly 30 years.
“The anti-corruption campaign has made the government more efficient, and officials now have a higher sense of service,” Li said. “Many of our clients are public organizations. The anti-corruption drive has reduced our business volume to a certain degree, but we are upbeat about our investment prospects, since a better market will benefit our partners in the end.”
Daniel Liao, president of Singapore Ecowise Holdings Ltd, said his company will continue to invest in projects in Chongqing in the future, as development prospects in the city are good. The government’s determination to combat corruption was also a factor.
Wang Jiguang, a national political advisor from Chongqing, said that business is both an economic and a cultural activity.
A more regulated market will make China’s business people readjust the way they communicate and improve their business negotiation acumen, hence, creating a more mature business ecosystem, he said.
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