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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (25879)3/18/2005 12:36:23 PM
From: RealMuLan   of 116555
 
It is a purge, no doubt about it. And China definitely needs that. As Jiang Zemin is officially gone now, the anti corruption of the high ranking Chinese officials will gain a new momentum. Since plenty of embezzlement and corruption have some connection with him directly or indirectly.

I read that Guo ShuQing now becomes the Party Secretary of China Construction Bank, and the rumor has he might also be the future Chairman of the Board. Although there are another 3 candidates for the position of Chairman of the board. One of them is that "big mouth" Li Ruogu<g>

During the tenure of Wang XueBing (who is in jail now), Zhang was the deputy president of the bank. It would be hard to image he could be all that clean.

The more important aspect in Zhang Enzhao's resign is he was also the Chairman of CICC (http://www.cicc.com.cn/), which is the first, and perhaps still the largest, JV bank in China (Morgan and Stanley has 34% of shares). And CICC plays a very important role in handling the bad debt of China, and their way of doing business is completely selling out China’s interest. Many people have been complaining about it. Hope this time will have some change in dealing with the bad debt problem after Zhang’s resign.

And one can bet one thing, which is if Zhang’s embezzlement is confirmed, he will be in jail.

What Hu Jintao and Wen Jiabao are doing now in China is wholeheartedly supported by the majority of Chinese. And for those who dreams CCP might be out of power in China, they would have a long long wait<g>.
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