Report: Anti-corruption key to Communisty Party survival

The Chinese government released its 2008-2012 anti-corruption plan on Monday, warning that the survival of the Communist Party rests on its ability to stamp out graft, Reuters reported. "Resolutely punishing and effectively preventing corruption relates to whether the people support you or not and to the Party’s life-and-death survival," the report said. Corruption is a major cause of public resentment in China and it has been targeted in a number of clean-up campaigns. However, these have enjoyed limited success as there are no meaningful checks on power. The report calls for state-owned companies to create "legal, clean and democratic management" and reduce wasteful spending of government money. It also recommends a financial sector clean-up, including the introduction of budget management reform and a standardized system for fiscal transfers. The report suggests more public hearings and professional consultation to improve transparency.