Chinese banking officials face corruption probe in Xi Jinping’s anti-corruption campaign

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Published Nov 04, 2023 07:14AM ET

Chinese banking officials, including Zhang Hongli, the former vice president of ICBC, are currently under investigation as part of President Xi Jinping’s extensive anti-corruption campaign. The Central Commission for Discipline Inspection is investigating Hongli for serious disciplinary and legal violations, as revealed on Saturday.

In addition to Hongli, other high-profile figures in the financial sector have also come under scrutiny. Liu Lian’ge, the former chairperson of the Bank of China, was arrested on bribery and illegal loan granting charges. Similarly, Li Xiaopeng, ex-leader of Everbright Group, was expelled from the Communist Party and public service for a range of misconducts. These include accepting money and gifts, policy violation, obstructing his own investigation, accepting bribes, possessing illegal stakes in non-listed companies, and misusing his power for personal gain.

These investigations form part of a broader initiative by President Xi Jinping to tackle financial risks and foster finance that reflects Chinese characteristics. This drive is seen as both a catalyst for clean governance and a potential tool for political purges. Amidst China’s precarious recovery from the Covid-19 pandemic, hindered by weak consumption and an ongoing housing crisis, the National Financial Work Conference emphasized the need for reinforcing financial supervision.

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