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Duowei News: More Shakeups in Financial Industry Expected Prior to 19th Congress

Duowei News published an article reporting that, on April 9, the Central Commission for Discipline Inspection took down two senior officials in the financial industry due to corruption charges: Xiang Junbo, Chairman of the China Insurance Regulatory Commission and Li Changjun, director of the Beijing branch of the Export–Import Bank of China. According to the article, the move is an indication that Beijing has reached its limit in dealing with financial disasters that have taken place in the past and which have caused quite an embarrassment. It has determined that, prior to the upcoming 19th National Congress, it will shake up the financial industry to ensure that it “maintains the same understanding as the Central Administration.” The article stated that the Chinese official media praised the Party’s determination in its anti-corruption effort. The Hong Kong media, however, indicated that these two individuals were targeted because it was their “inside job” in the financial industry which caused a number of financial disasters over the past years: the stock market crash in 2015 and the battle between Vanke and Baoneng over stock ownership in 2016. The article further explained that, “The analysis shows that reforming the Chinese financial market is no less complex than unifying ideology within the Party or reforming the military… it is expected that Beijing will launch an anti-corruption effort on an even larger scale to eliminate completely any inside dealings that are contrary to its direction.”

Source: Duowei News, April 10, 2017