BEIJING (Reuters) - China’s Communist Party wants more transparency from government officials in disclosing their assets, including overseas property and investments made by family members, the official Xinhua news agency said.
The stricter rules will require officials to submit reports to the government, detailing their property and investment activity, including the overseas business dealings of spouses and children, according to the Party’s anti-corruption body.
Beijing fears official malfeasance is undermining its authority to govern and sparking violent protests against corrupt officials.
According to Ministry of Commerce statistics, some 4,000 corrupt officials have ferreted about $50 billion out of the country since the beginning of economic reforms in 1978 through to 2003.
The Party’s annual plenary session ended on Friday, focusing on corruption, political stagnation and ethnic tensions — problems which it said “seriously damaged the Party’s flesh-and-blood bond with the people and seriously affected the solidity of the Party’s ruling status.”
Reporting by Kirby Chien, Editing by Dean Yates