Demonetisation: In fact, even as China looks to heap praises on Modi, it goes on to ask the Prime Minister to take cues from Beijing!
China is all praises for Prime Minister Narendra Modi government’s to demonetise the Rs 500 and Rs 1000 notes. In a rare article, the state-run Global Times has called the Modi government’s move to fight against corruption and black money as startling and bold. The article, however, says that the step is not enough to “fully root out” corruption. “The new policy to scrap India’s two largest denomination rupee notes is considered a risky, but a bold and decisive step. And yet, delivering a corruption-free country requires more than banning currency notes,” it says. In fact, even as China looks to heap praises on Modi, it goes on to ask the Prime Minister to take cues from Beijing!
“The key should be reforming systems. In this regard, New Delhi might need to look for ideas from Beijing,” Global Times writes. Indeed, China believes that its anti-corruption system has already shown efficiency, especially when compared to India.
So, what has China done to tackle corruption? What does the Chinese state-media want India to learn? The article says China’s anti-corruption campaigns have largely involved “investigation and the establishment of a legal system against corruption”. China has, the article claims, improved its supervision system, deepened judicial reforms, promoted anti-corruption laws and taken steps ensure that the system attains transparency. The article cites the example that China’s foreign ministry has recently published information about the families of 12 senior officials on its website. This has been done to fight corruption through familial networks. “These steps are taken to ensure that achievements made in the struggle against corruption can be consolidated by laws and systems,” the article explains.
The article cautions that it is too early to know what the impact of PM Modi’s anti-corruption measures would be, adding that a lot of corruption happens in transactions involving gold, real estate and overseas assets. “Blocking the circulation of large currency bills is without question far from enough,” it says.
Modi government’s move to demonetise Rs 500 and Rs 1000 notes has to a large extent been praised internationally. Recently, the International Monetary Fund (IMF) spokesman Gerry Rice said that the institution supports the measures to fight corruption and illicit financial flows in India.