The Central Commission for Discipline Inspection (CCDI) is currently investigating a prominent business leader named Zhou Jun, who is the president of Shanghai Industrial Investment. This state-owned group operates in infrastructure, property, and pharmaceuticals, making it a significant player in the Chinese business community. Zhou has resigned from several subsidiaries of the group amid ongoing investigations into suspected serious violations of law and discipline, which are often associated with corruption.
This investigation is 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. Among them is former senior executive vice president at the Industrial and Commercial Bank of China, Zhang Hongli, who is also under investigation by the CCDI. 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, recently spoke out about the need for legal reform in China to protect entrepreneurs from arbitrary political interference and prosecution. This highlights the need for safeguards and protections for business leaders at a time when many are coming under scrutiny from the anti-corruption watchdog.