China’s Anti-Graft Crackdown Has Ensnared Over 20 Finance Officials So Far
China’s Anti-Graft Crackdown Has Ensnared Over 20 Finance Officials So Far
(Bloomberg) -- China’s anti-graft crackdown has so far brought down more than 20 financial officials as authorities step up scrutiny over the nation’s $54 trillion financial system at a time of growing turmoil in the property market.
At least 24 officials had been probed or penalized since Oct. 12 when China launched a national anti-corruption inspection focused on financial institutions and regulators, according to a Bloomberg News tally based on announcements from the Central Commission for Discipline Inspection.
The officials had worked for top regulators such as the People’s Bank of China and China Securities Regulatory Commission as well as state-owned banks including Industrial & Commercial Bank of China Ltd. On Tuesday, Mou Shangang, an ex-PBOC official, and Zhang Huayu, a former vice president of China Everbright Bank Co. became latest to be probed for alleged “serious” violations of party discipline and state law.
| See more probes into financial officials: |
|---|
| China Removes Ex-CBIRC Official Guo Hong From Party For Breaches |
| Guotai Junan Sec. Executive Zhu Yi Under Probe for Violations |
| China Everbright Bank Transaction Banking Head Under Probe |
| China Probes Forex, Bank Executives for Violations (Oct. 9) |
Chinese President Xi Jinping has pressed ahead with his signature anti-corruption campaign after almost a decade in power, most recently focusing on law enforcement. Xi has tightened his grip as he prepares for a twice-a-decade Communist Party congress later this year at which he’s expected to secure a precedent-breaking third term.
The campaign also comes in tandem with a sweeping crackdown on the country’s private sector, which has targeted its biggest technology and property firms.
The broad disruptions has ratcheted up risks in the world’s second-largest economy that is now dealing with a rolling crisis among some of its biggest property developers. The central bank has once again been forced to turn up stimulus to backstop slowing economic growth.
The CCDI is yet to disclose overall results of the two-month inspection, its first in six years to focus on the financial sector.
More than 1.5 million government officials have been punished in Xi’s years-long anti-corruption campaign, most recently including the execution of Lai Xiaomin, the former chairman of Huarong, and life imprisonment of Hu Huaibang, the former chairman of the nation’s biggest policy bank.
©2022 Bloomberg L.P.
With assistance from Bloomberg