BEIJING – The General Office of the Communist Party of China (CPC) Central Committee has issued a regulation on the business activities of relatives of officials.
The regulation offers clear and specific provisions on the applicable objects and circumstances, working measures and disciplinary requirements concerning officials' spouses, children and their spouses who run business or enterprises.
The regulation offers clear and specific provisions on the applicable objects and circumstances, working measures and disciplinary requirements concerning officials' spouses, children and their spouses who run business
It sets different prohibitions on business activities of relatives of officials at different levels and sectors. The regulations are stricter for those at higher levels.
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Officials are required to report business activities of their relatives every year. False reporting will lead to severe punishment, according to the regulation.
Officials' spouses and children must withdraw from their business activities or the officials themselves will have to step down from their current posts and "accept job adjustments" and face other forms of punishments.
Such business activities include investing in enterprises, holding senior positions in private enterprises or foreign-funded enterprises, private equity fund investment, and engaging in paid social intermediary and legal services.
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With Reuters inputs