To say that China's anti-corruption drive has slowed growth down is completely false, said Chinese Finance Minister Lou Jiwei on Wednesday.

In a press release at the sixth round of China-U.S. Strategic and Economic Dialogue, Lou said, "Corruption is always linked with excessive government regulation, and regulation causes rent seeking."

He added that deregulation will reduce corruption and render a stronger role to the market.

"Some changes have taken place," the official said. "Upscale hotels, liquor & tobacco markets have probably been influenced (by anti-corruption movements,)" he said.

Lou noted that the market is adjusting fast, saying "some luxury restaurants are doing take-out business now." Endi

Go to Forum >>0 Comment(s)