“…For example, if we understand the Chinese economy as in Bai et al (2014Bai et al ( , 2020 and Li et al (2019) where corruption "greases the wheels," Corollary 1 is consistent with the Communist Party of China's narrative that "the major risks in the political, ideological, economic, scientific and technological, social, international-relation, and party-building realms" faced by the party was one of the primary motives behind the anti-corruption campaign since 2012 (e.g., Xi, 2017;People's Daily, 2019). Jiang and Xu (2015) recognize that between 1988 and 2014 "[a]nticorruption enforcement [was] tightened in years when there were significant economic/political events that have, or could have instigated considerable popular unrest." They also provide time-series evidence that higher intensity of anticorruption enforcement was correlated with lower economic growth and higher inflation in the previous year, which they interpret as signs of greater social pressure and higher risk of political instability.…”