What’s new: China is launching another series of sweeping disciplinary inspections covering nearly three dozen key government departments and state-owned financial institutions.
The third round of routine inspections, following the previous one in 2021, will target 34 bodies including central government ministries, the central bank, the Shanghai and Shenzhen stock exchanges, the biggest state-owned banks and insurers as well as policy lenders, according to a list published by the Xinhua News Agency Monday.
Announcing the inspections, Li Xi, China’s top anti-graft official, urged his teams to thoroughly study and implement the regulations on disciplinary inspections to promote high-quality development, defuse risks and push forward deepening reforms.
Why it matters: The initiative reflects ongoing efforts by Chinese authorities to root out corruption within the financial sector, building on the momentum of previous inspections that have led to the convictions of several high-profile financial officials for corruption.
The previous round of disciplinary inspections launched in 2021 targeted 25 major financial institutions and uncovered graft cases involving former Bank of China chief Liu Liange, former China Everbright Group Ltd. chairman Tang Shuangning and his successor Li Xiaopeng.
The 2024 inspections exclude four state-owned asset management companies and five centrally managed financial enterprises that were covered in earlier inspections.
President Xi Jinping in January emphasized the importance of maintaining a strong stance against corruption, highlighting the need for continuous vigilance and action against corrupt practices within the financial sector and other areas prone to corruption.
Contact reporter Han Wei (weihan@caixin.com)
