BEIJING (Bloomberg): The Communist Party expelled its former chief in the eastern city of Hangzhou -- the base of Jack Ma’s Alibaba Group Holding Ltd. -- for serious violations of official duties, taking bribes and abuse of power.
The Central Commission for Discipline Inspection, China’s anti-corruption agency, said in a Wednesday (Jan 26) statement that Zhou Jiangyong had supported the "disorderly expansion of capital,” a phrase President Xi Jinping has used as part of a sweeping regulatory crackdown on tech companies.
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