Shun hedonism, China tells bankers

CHINA’S anti-corruption watchdog has vowed to crack down on bankers who pursue “Western” values of excess and “hedonism”.

Beijing’s Central Commission for Discipline Inspection (CCDI), pledged to escalate its campaign to crush the “unhealthy” tendencies of the “financial elite” in order to “win the war against corruption”.

In the latest sign that President Xi Jinping is tightening his grip on the financial system, the CCDI urged its investigators to “deepen” their understanding of misbehaviour in the sector.

In a 3,500-word mission statement published on the CCDI’S website, regulators called on bankers to “rectify the hedonism and extravagance of excessive pursuit of the finer things in life”.

The National People’s Congress kicks off this weekend, with outgoing premier Li Keqiang expected to reveal a new growth target of about 5pc this year.

The world’s second largest economy grew by just 3pc in 2022, hampered by its disastrous zero-covid policy.

Mr Xi is also expected to revive a powerful committee to coordinate economic and financial policy and install close allies to oversee it all.