China's 'Tiger Hunt' Accelerates... Investigation and Punishment of Financial Sector Officials

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Under Chinese President Xi Jinping's strong anti-corruption crackdown, additional high-ranking officials, including the former president of China Zhao Shang Bank, have been investigated or punished, Bloomberg reported on the 25th (local time). The agency stated, "President Xi's anti-corruption crackdown in the financial sector is accelerating," adding, "It has reached even the top levels of some highest institutions."

According to the announcement by the Central Commission for Discipline Inspection, the highest anti-corruption body cited by the agency, at least 17 officials, including former China Zhao Shang Bank President Tian Huiyu, have been investigated or punished. President Tian was immediately demoted, and following this news, Zhao Shang Bank's stock price plummeted nearly 20% over the past five days.

The authorities also announced that an investigation has begun into Vice President Zhang Yunming of a state-owned financial investment company in Fujian Province. According to local media reports, Vice President Zhang and President Tian were roommates at Shanghai University of Finance and Economics. Additionally, Zheng Changhong, a former IPO official at China's market regulatory agency, was arrested on bribery charges.

The Discipline Commission disclosed in a statement that Ding Silu, former chairman of Chongqing Sanxia Bank, a central Chinese commercial bank, was expelled from the Communist Party due to bribery allegations.

Furthermore, high-ranking officials who worked at top regulatory bodies such as the China Banking Regulatory Commission and state-owned banks like China Construction Bank were also named on this month's investigation list. No lower-level officials were included in the announced list.

President Xi has cited the "anti-corruption campaign" as a representative policy during his more than ten years in power, and the agency reported that recently he has been focusing more on enforcement. In China, the crackdown on corrupt high-ranking officials is sometimes called "tiger hunting." Over the years, more than 1.5 million government officials have been sentenced to death. Former Huarong Asset Management Corporation Chairman Lai Xiaomin was executed, and former China Development Bank Director Hu Huaibang was sentenced to life imprisonment.

This content was produced with the assistance of AI translation services.