China’s central bank on anti-graft inspection list
Print Edition
CHINA’S anti-graft authority is to investigate more state entities this year, with its sights set on major financial institutions including the central bank, securities regulators and state-owned banks.
Teams from the Central Commission for Discipline Inspection will inspect all major state-owned enterprises under the direct stewardship of central authorities, it said.
A statement released yesterday said that a third round of inspections will cover the People’s Bank of China, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the China Securities Regulatory Commission and China Investment Corp.
Others include CITIC Group Corp, a major financial conglomerate; state-owned banks Industrial and Commercial Bank of China and Bank of China; as well as China Life and the People’s Insurance Company of China.
China’s two stock exchanges Shanghai Stock Exchange and Shenzhen Stock Exchange are also on the list, making a total of 31 organizations to be inspected in the third round.
Wang Qishan, head of the CCDI, said the inspections will ensure members adhere to the Party’s code of conduct and that policies are being adopted and implemented.
He said that violations, if left unchecked, would erode the Party’s ability to govern and consequently the foundation by which it rules.
In an article in yesterday’s People’s Daily newspaper, Wang praised new regulations aimed at tightening discipline among Party members.
He said they “embody the spirit” of key Party meetings and comments by Party leader Xi Jinping, and were crucial in ensuring Party strength.
The new regulations were adopted at a meeting of the Politburo on October 12.
The strictest and most comprehensive since China’s reform and opening-up drive began, they are more precise than the previous versions.
In addition to listing golf and gluttony as violations for the first time — to prevent officials engaging in corrupt practices — the rules are also stricter in cases of sexual impropriety.
All Party organizations and members must follow the rules, Wang wrote.
He said the Party must learn from the traditional virtues which had defined Chinese culture since ancient time as it tackles corruption, a problem that is still “acute,” he wrote.
“In setting and adjusting rules, we must learn from the essence of traditional Chinese culture and move with the times in managing the Party in accordance with new situations and new missions,” Wang said.
He said the Party was determined to enforce the rules, repeating a vow that the fight against corruption would never end.
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