The Problem with China's Corruption? It's Not Efficient

The government's current anti-corruption campaign is the most far-reaching and intensive of its kind since the People's Republic was establishment in 1949. While most people are cheering for it, there are also some critics. The latest come from the field of economics.

An April report by investment bank Merrill Lynch shows that since the campaign started in late 2012, China has seen a downturn in the catering industry, a decline in sales of luxury goods, and less spending and fewer investments by governments at all levels, resulting in a 0.6 percent fall in the country's investment-driven GDP.