Posted on 09/14/2021 7:44:28 PM PDT by dynachrome
Several senior executives of Chinese banks were put under investigation or arrested over recent weeks as China tightened the fight against corruption in the financial sector, according to the Central Commission for Discipline Inspection (CCDI), the highest internal disciplinary body of the Communist Party of China (CPC).
Xie Hongru, former Party chief and former head of the Guangzhou branch of CITIC Bank, was put under investigation on Friday. The same day, Gao Youqing, former Party chief and former head of the Jiangsu branch of the Agricultural Bank of China, was expelled from the Party. On Thursday, He Xingxiang, deputy governor of China Development Bank, was revealed to be under CCDI investigation.
The tightened crackdown followed the 10th meeting of the Central Committee for Financial and Economic Affairs held in August, which stressed making financial supervision more digital and intelligent, taking targeted steps to punish financial corruption and to prevent and control financial risks, and accelerating reforms in key areas.
Since the beginning of the year, at least eight high-ranking executives from four large state-owned banks have been investigated, with 10 senior executives from Chinese lenders or institutional banks being investigated and punished.
(Excerpt) Read more at globaltimes.cn ...
EVERY CCP apparatchik is corrupt. The only ones who get investigated/charged with corruption are political enemies of Xi Jinping.
First of all its the old Chinese game of “Kill the Chicken to show the monkeys”. ie) make an example of a few people to whip the entire bureaucracy (and China is entirely bureaucracy) into shape and promote his own brand of change.
Secondly, part of Xi’s philosophy is that the Chinese financial sector is “playing with house money” (which is true, because nearly all are state-owned at some level, and thus have implicit guarantees and monopoly positions), and that they are responsible for speculation, inequality, corruption and bad discipline - and can be a threat overall to the Party and societal stability. He has been cracking down on fin-tech as we know, and now comes those largest banks close to the party itself.
And often people who won’t go along with either any, or enough, corruption and other criminal activity.
Tellingly, the MSM here will often report that Xi and the CCP are cracking down on corruption, without a hint of questioning the story, while if Trump or Republicans criticize corruption, they will put it in scare quote, as in “corruption.”
Best guess is that Xi wants to catch up to Vlad Putin as the richest man in the world.
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