One cannot open a Chinese newspaper these days without seeing a story about corrupt officials being hauled up. Is it then the beginning of a cleansing process as promised by China's President and Party Secretary General Xi Jinping? It sure is. China's new leadership is speeding up efforts to crack down on corruption, the most prominent example being the recent life prison sentence for a Red princeling, former Party Chief of Chongqing Bo Xilai. But chances are that bribery and corruption will continue unless China first undertakes key reforms to reduce private benefits from corruption and increase the perceived costs.