China’s anti-corruption campaign has claimed its biggest scalp to date with today’s formal announcement of an investigation into former Standing Committee member Zhou Yongkang. Over the past 18 months, the campaign has undermined demand for luxury goods, hospitality and probably property too. Some are also concerned that infighting within the Party is reducing hopes of wholesale reform. We believe though that the leadership’s hard-line stance makes successful implementation of the Third Plenum reforms more likely.
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