Heightened war on corruption – New regulation requires officials to declare assets

The central government last week issued new rules that require officials in government and state-owned companies to declare their personal assets, as well as the businesses of their spouses and children.

The government on July 11 issued new anti-corruption rules that require all government and state-owned company officials to report their investments, incomes and assets, Xinhua News Agency reported.

The declaration must also include the financial status and business involvements of their family members, as well as any change in their marital status.

President Hu Jintao has said that fighting corruption is a matter of life and death for the Communist Party of China (CPC).

The regulation added six items to the list of declarable assets issued in 2006, bringing the total to 14. The new items include income from work like lecturing, painting and calligraphy; homes owned by spouses and children; and equities and investments owned by the government worker, his spouse and children.

The new rules, however, stop short of requiring that the incomes and assets of Chinese officials be made public, China Daily reported.

Those who fail to comply or submit false information will face “dismissal or discipline,” the newspaper said. Previously, the harshest penalty was “informed criticism.”

The regulations apply to mid-level to senior CPC officials and executives at state-owned businesses.

(Agencies)