China is on an AntiCorruption Cleanse
Song Lin: Blamed for causing huge loss to the state by prompting China Resources Power to acquire coal companies in Shanxi at inflated prices. - PHOTO: BLOOMBERG
[HONG KONG] China Resources Holdings chairman Song Lin is the seventh senior mainland official, and perhaps the most high profile one, to be sacked and placed under an investigation this year amid an anti- graft campaign by Beijing.
CR Holdings, based in Hong Kong, is one of China's few state-owned enterprises that have domicile outside the mainland.
The conglomerate's history can be traced back to many years before the founding of the People's Republic of China in 1949. Song, 51, has been at the helm of the firm since 2008 and was also its party chief, enjoying an official rank on par with a vice-minister within China's political hierarchy.
Song's case has drawn much attention not only due to the huge size of CR Holdings and its many listed subsidiaries, but also because of serial exposés by two mainland journalists on various alleged misdeeds.
As Stephen Roach, Yale fellow and former Chair of Morgan Stanley Asia, China is progressing on the road to rebalance and growth progressively while the U.S. is going back to its old model. >> READ MORE
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