The emergence of China as an economic superpower

Chen Liangyu, the Shanghai Communist Party Chief, was placed under house arrest on Monday. He was accused for being involved in a 3.2 billion Yuan (404 million U.S. dollar) social security fund corruption case.

According to Xinhua, Mr. Chen was also charged in other discipline violations, such as helping the family members by taking advantage of his official posts, and protecting staff that severely violated laws and discipline.

Chen, 60, was one of 24 members of the Politburo, the power core of China, and thus became the highest-ranking official to have been netted in a nationwide crackdown on official corruption in more than a decade.

What a shame!