Fourth Plenum signals next phase of anti-graft efforts

It is tempting to dismiss the Communist Party’s talk of boosting the “rule of law” in China as simply hot air. Beneath the rhetoric though, the focus is on institutionalising the ongoing anti-corruption campaign and introducing changes that would reduce opportunities for graft. This should pay economic dividends over the medium term even if it signals that pain for some sectors – such as luxury goods producers – will be prolonged.