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China, Corruption, and the Rise of Weibo
September 7th, 2011
Corruption costs China’s economy a pretty penny. A report from China’s own central bank estimates that “up to 18,000 corrupt officials and employees of state-owned enterprises” have absconded with 800 billion yuan, or $123 billion, of state money since the 1990s. In a recent speech given to celebrate China’s Communist Party’s nineteenth anniversary, President Hu Jintao specifically addressed the importance of “rampant corruption” and the impetus to create a “clean government.” And Minxin Pei, a former scholar for the Carnegie Endowment for Peace, estimates that China’s government loses as much as 10% of government spending in kickbacks and corruption,...
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