Table of Contents

Research Handbook on International Financial Crime

Research Handbook on International Financial Crime

Research Handbooks in Financial Law series

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.

Chapter 34: Corruption in China

Li Hong Xing, Xuebin Li and Enze Liu

Subjects: economics and finance, financial economics and regulation, law - academic, corruption and economic crime, finance and banking law


Corruption by its nature is a complex and interactive political, economic, and cultural phenomenon. Transparency International defines corruption as “the abuse of entrusted power for private gain”. Corruption virtually exists in every society in this world. However, China is unique in its ways of understanding, identifying, and combating corruption, given the fact that China is a socialist country with a long history of bureaucratic culture. The Chinese Communist Party (CCP) has put many constraints on the bureaucracy since its foundation because of the party’s utopian idea of an egalitarian society. But, on the other hand, the party continues to rely on the bureaucracy to manage the centrally planned and hierarchically ordered economy. Administrative power, and its associated privileges, essentially has turned the bureaucracy into a powerful social class. Corruption, in the sense of abuse of public office, has been a serious crime in China for thousands of years. Since China’s economic reform in the 1980s, the issue of combating corruption has raised increasing public concern. The ruling party CCP has recognised that corruption undermines the credibility of its own objectives ever since its foundation, and has launched innumerable initiatives against corruption and self-dealing and devoted considerable resources to the problem. This chapter intends to review the evolution of anti-corruption, introduce Chinese anti-corruption structure and legislation, and discuss China’s recent anti-corruption initiatives.

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