Opinion / Opinion Line

New money not best solution to end corruption

(China Daily) Updated: 2015-03-05 08:04

China should issue a new version of its currency to deter those corrupt officials who have stashed huge amounts of cash, said the Jiusan Society, a non-Communist political party of China, in its latest proposal to the third session of the 12th National Committee of the Chinese People's Political Consultative Conference in Beijing. Comments:

Updating the RMB will surely deal a blow to those corrupt officials in possession of a large amount of cash, which are almost certain to arouse banks' suspicion should their owners ask for exchanges. However, such a decision would cost a country more than a lot, as it may also affect the public and the country's foreign trade, and so it is usually adopted only to address issues which are more critical than anti-corruption.

Hu Jianmiao, a professor at the Chinese Academy of Governance, Mar 4

The proposal is unlikely to be a fundamental cure for corruption in China. The ultimate solution rests with institutional efforts to put the power in a "cage". Given the open economic environment in the country, those cash hoarders can always find a loophole in asset supervision by getting the exchanges done by others.

Ren Jianming, a professor of clean-governance research at Beihang University in Beijing, Mar 3

For those bribe takers, a new version of the Chinese currency may invalidate their illicitly gained cash stocks. However, it would do little to punish their crimes. This is not what the country expects of the nationwide anti-graft practice.

Yan Yunfei, a guest commentator with Beijing Youth Daily, Mar 4

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