Lehman Brown has released its latest insight on the FCPA and China Anti-Bribery Law.
Many people often associate the business environment in China with high levels of corruption. President Xi’s administration, however, has initiated a robust anti-corruption campaign at all levels of government and business. Shortly after President Xi Jinping took office in 2012, he announced that he would crack down on corruption by “Killing tigers and swatting flies”.
Economists have commonly reported that one of the key reasons accounting for China’s rapid growth over the past 30 years since the opening up of the economy is in part due to corrupt and unethical business practices. Sectors such as luxury goods and hospitality have indeed benefited from corruption since China opened its economic doors to the world – although following the clampdown by President Xi, both sectors have been heavily impacted.
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