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China’s top graft buster Wang Qishan has warned that he will dangle the fabled Sword of Damocles over state-owned companies, prompting speculation of an intensifying political purge. "No matter the motive, prosecuting corrupt executives is a critical step. But it’s no substitute for providing an overdue prescription for reform— one that gives real teeth to regulators, boosts outside members in corporate boards, and makes clear which sectors will be opened to market competition. "Without such a policy roadmap, it may not matter how many swords fall in Beijing."