Chinese banking officials face corruption investigation
Chinese banking officials, including former ICBC vice president Zhang Hongli, are currently under investigation as part of President Xi Jinping's sweeping anti-corruption campaign.
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As announced on Saturday, the Central Commission for Discipline Inspection is investigating Hongli for serious disciplinary and legal violations.
In addition to Hongli, other high-profile figures in the financial sector have also come under scrutiny. Former Bank of China chairman Liu Lian'ge has been arrested on charges of bribery and illegal lending. Similarly, former Everbright Group leader Li Xiaopeng has been expelled from the Communist Party and public service for a series of misconducts. These include accepting money and gifts, policy violations, obstructing his own investigation, accepting bribes, holding illegal shares in non-publicly traded companies, and abusing his power for personal gain.
These investigations form part of a broader initiative launched by President Xi Jinping to combat financial risks and promote finance that reflects Chinese characteristics. This initiative is seen both as a catalyst for clean governance and a potential tool for political purges. At a time when China is recovering unstably from the Covid-19 pandemic due to weak consumption and an ongoing housing crisis, the National Financial Work Conference has emphasized the need to strengthen financial oversight.