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Securities official in graft probe
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THE assistant chairman of China’s top securities regulator has been sacked amid a corruption probe, after months of declines in the country’s stock markets.
The Communist Party’s official news portal said yesterday that Zhang Yujun had been “removed from his post” at the China Securities Regulatory Commission (CSRC) for “severe disciplinary violations” — normally a euphemism for graft.
It cited a statement from the Party’s Organization Department, a week after an investigation into him was announced.
The CSRC is at the center of China’s efforts to stabilize its volatile stock markets. Authorities have intervened on a broad scale to encourage buying in an attempt to cushion a market rout which began in June and roiled exchanges worldwide.
Zhang had been one of three assistant chairmen at the CSRC since 2012, after managing the Shanghai stock exchange.
Financial news outlet Caixin reported last week that Zhang supervised firms involved in margin trading — which allows investors to trade stocks with only a small sum of money put down as deposit, and which has been blamed for heightening volatility.
Meanwhile, the Party’s anti-graft watchdog said yesterday that a top official at the government department that oversees religious groups is under investigation.
Zhang Lebin, 61, a deputy director of the State Administration of Religious Affairs, is suspected of “serious discipline violations,” the Central Commission for Discipline Inspection said. He joined the religious administration in 2003, where he was initially in charge of rooting out corruption.
About half of China’s estimated 100 million religious followers are Christians or Muslims, with the rest Buddhists or Daoists, according to official figures.
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