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China Orders More Officials to Reveal Personal Finances to Counter Graft
By Bloomberg News
2010-07-13 11:27:02
 

(Source)

China ordered a greater range of government officials and managers at state-owned companies to report personal information such as salary and bonus as well as their children’s professions to counter corruption.

The regulation published today by the state-run Xinhua News Agency added non-members of the Chinese Communist Party into the government’s monitoring system that was last modified in 2006.

The rules also put additional requirements for government officials at and above the deputy department director level and those at the “middle and higher” management posts of large state-owned companies to report their salary, as well as other income generated from giving lectures, writing, consultation and even from painting.

President Hu Jintao is taking a tougher stance to fight corruption that has generated criticism of the government. The Party said in March that it will step up efforts to crack major corruption cases, especially those with collusion between top officials and business people.

Officials must report emigration details, professions and job titles of their spouses and children, according to the rules. The new regulation also added the requirements of disclosing real estate holdings, investments in stocks, privately held companies, futures, mutual funds and insurance products, as well as those of their spouses and children that are still living with them.

Of 340,000 building projects probed since last July, 140,000 were found to have corruption-related “problems,” Wu Yuliang, secretary general of the Central Commission for Discipline Inspection, said last month.

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