News Analysis
A large number of Chinese Communist Party (CCP) officials reportedly get low-interest loans and then lend the money at high interest rates, forming a “grey channel” and accumulate wealth.
According to the website of the Central Commission for Discipline Inspection on August 5, in Jiangxi Province, seven officials reaped extraordinary benefits from high-interest on “loaned money.”
Among them, Fang Baichun, vice mayor of Fuzhou city, was the biggest earner getting 16.5 million yuan (about $2.44 million) and Xiong Hanpeng, director of the hospital affiliated with Jiangxi University of Chinese Medicine, made more than 3.9 million yuan (about $580,000).
Despite millions of dollars being involved, the top anti-graft watchdog deemed the officials’ behavior as “breaking regulations” rather than “breaking the law.”…