Xi Jinping asks his officials not to collude with business groups amid battle with economy

Chinese President Xi Jinping has directed officials to not collude with business community and stressed that despite government's efforts to improve economy, crackdown on private sector will remain a concern for investors.

This was said by  Chinese President at anti-corruption supervision meeting on Monday where he said officials should take action to prevent leing businessmen from acting for any power or interest groups, reported Xinhua News Agency.

Why did Xi Jinping warn his officials to avoid ‘collusion’ with business groups?

He stressed that infiltration of capitalists into politics would destroy political ecology of country or environment for economic development. This development came at a time when Chinese government has eased regulatory restrictions on country's tech giants, such as Alibaba Group Holding Ltd. and Tencent Holding Ltd., helping ir stock prices increase.

Notably, Jingping-led Communist regime has kept anti-corruption policy as its main focus for past dece, and his approach has helped it neutralise potential threats. In July, Central Commission for Discipline Inspection stated that campaign h attracted some 4.7 million officials.

Last year, government sentenced life imprisonment to Sun Lijun, who was a former public security officer for having involvement in bribery and or crimes. Jinping has repeatedly called that under his governance, corruption would not be allowed to prosper. It is worth noting that Chinese President's call to continue campaign against corruption has come at a time when his government has scrapped "Zero-COVID" policy.

On Sunday, January 8, 2023, Chinese government reopened its border, which h been closed for nearly three years after removal of all COVID-related measures such as mass testing and rapid lockdowns. Chinese government is making efforts to improve economy of country as COVID rules have now been eased.

nation is conforming to a record local government bond quota and expanding its budget deficit. According to reports, country's economy is likely to witness a jump in growth rates of around 5% before end of this year.

Image: AP