China has created a new agency with broadened investigatory authority to streamline anti-corruption efforts.
China Market Intelligence
The US Trade and Development Agency (USTDA) will launch 20 workshops with Chinese agencies over the next two years to engage and educate officials about regulatory issues and best practices, USTDA Director Leocadia Zak told business executives at a February 2 US-China Business Council (USCBC) lunch.
To tackle complex administrative licensing processes, US companies in China are refining their government affairs efforts to focus on transparency and communication challenges, as well as obstacles stemming from the anticorruption campaign.
China’s 13th Five Year Plan (FYP
Modern tools like WeChat, the world’s largest instant messaging service, allow companies in China to communicate more efficiently, make quick internal decisions, and close sales on the go. However, embracing new communication technologies in China also presents new challenges for companies in maintaining compliance with US and Chinese anti-corruption legislation.
Instill fear, strengthen the regulatory framework, and change the political culture—these are the three stages to fighting official corruption, according to Wang Qishan, secretary of the Central Commission for Discipline Inspection, China’s corruption watchdog.