To eradicate corruption in the financial sector, China has taken several steps such as enhancing supervision and regulation, strengthening incentive and punishment mechanisms, improving transparency and accountability, as well as boosting international cooperation.
However, these measures have not been sufficient to eliminate the root of corruption in the financial sector.
Some challenges that China still faces include the lack of independence in supervisory institutions, low quality and availability of financial data, weak law enforcement and legal protection, as well as limited public participation and oversight.
Hence, China needs to continue efforts to enhance governance and integrity in the financial sector, and cultivate a strong anti-corruption culture among stakeholders.
Only by doing so can China achieve its goal of becoming a global leader in sustainable, inclusive, and innovative finance.
