Commercial Banks' New Credit Model

On May 12th, a court in Beijing accused Guo Jingyi, a former official from the Ministry of Commerce, of taking bribes and gave him a suspended death sentence. Also convicted were several other high officials.

This hornet's nest of corruption consists of bureaucrats with strong credentials in their professional and political backgrounds. They entered the central government ministries after college and became powerful officials in their thirties. In the past decade they have had extensive influence over China's commerce regulatory system, received bribes from Siemens, Gome and other well known enterprises, and built a dense and complex web of corruption. Their activities were supported by political power, and turned them from regulators to profiteers.