Flies and Tigers | 抓蝇打虎
Graft warning for bank regulators
Print Edition
CHINA’S banking regulators must “leave no stone unturned” in rooting out illegal activity, the Party’s anti-graft watchdog said yesterday, intensifying a campaign against corruption launched by President Xi Jinping.
Dozens of senior officials have been investigated or jailed since Xi took over the Party’s leadership in late 2012 and the presidency in 2013.
“In the past half year Huarong, Great Wall, Dongfang, Xinda, four other asset management companies, and China Merchants Bank have all been investigated, and concrete results achieved,” the Party’s Central Commission for Discipline Inspection said.
It urged China Banking Regulatory Commission officials to increase their vigilance.
“Handle in accordance with the rules problems of breaches of discipline and the law,” it said. “Ensure no stone is left unturned.”
China’s financial regulators have been under pressure since stock markets began to tumble in mid-June after a long bull run, though the statement made no mention of that.
On Wednesday, the watchdog said Zhang Yujun, assistant chairman of the China Securities Regulatory Commission, was being investigated for “serious violations of the law.”
Police are also investing three top executives at CITIC Securities, China’s largest broker, according to Xinhua news agency.
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